For years now the Fed has worked to communicate clearly and signal its intentions ahead so as to never take the market by surprise.

Yet despite all those efforts, somehow there are still key pieces of information that are not communicated.

Today is a prime example. After the Fed’s last meeting in mid-March, the statement communicated a 25-basis point raise and a more aggressive rate-hiking outlook from all members. In the press conference following, Fed chair Powell said the committee had discussed balance sheet reduction but not made any firm decisions.

Click the image above or on the link to read A Silly And Unsurprising FED Suprise.