I'm expecting this to be more of a placeholder meeting, more of a bearish bias as opposed to hawkish bias for the Fed. Changes to the SEP will be interesting: expecting them to push up expectations for headline and core inflation, perhaps bring down expectations for growth this year.

Bonds are still the place to put money. As the Fed stays on hold longer, your risk is they might have to cut more in the future, impacting growth. The belly is going to continue to outperform.

I don't see prospects for the Fed switching from an easing bias to a tightening or hiking bias. The Fed stays on hold for longer at best.

Powell staying on creates consistency. What the market's looking for is a steady hand from the Fed.