Fed Chair Powell (Q&A) says the FOMC's median rate path projection did not change, but there was a meaningful move of people towards fewer rate cuts

Fed Chair Powell's remarks indicate that while the FOMC's median rate path projection remains unchanged, there is a notable shift among members towards anticipating fewer rate cuts. This suggests a more hawkish stance than previously expected, potentially impacting market pricing for future rate decisions and reinforcing the strength of the USD against other currencies, particularly in the fixed income space.