$Invesco QQQ Trust (QQQ.US)$ Overall, I feel it's not as hawkish as the previous few times, more of a neutral statement. But why is it seen as dovish? Let's discuss what I heard and see if there were any omissions.
1. A 75 basis points hike is unusual, similar to the previous rhetoric.
2. This is what I feel is the most dovish point, confirming that the neutral interest rate is 2.25-2.5. Previously, Mester mentioned she was unsure where the neutral rate was, but now it's confirmed. They might wait until reaching the neutral rate before assessing the economic data and taking further action.
3. I'm not sure if I misunderstood or if it's a reporting issue, but at least according to WSJ, the Fed's official media did not mention the plan to raise rates by the end of this year. The media basically confirmed the upper limit of the year-end rate hike to 3.5, indicating a total increase of 100 basis points in the next three meetings. When asked how much rates will be raised this year, my understanding is that Powell's response suggests, the only information I can share relates to the projections given in June. If you ask me, I can't comment further, I can only say refer to our June projections and specific projections for September will be provided later.
4. Economic outlook, it seems like no one is discussing this. Powell mentioned two things, first, he believes we are not in a recession now, and second, he thinks achieving a soft landing in the future is becoming increasingly difficult. These two combined...