Financial markets became temporarily unglued with the release of the Fed’s post-meeting statement on June 16 and the publication of its “dot-plot” table. The dot-plot, originated in the Bernanke Fed in 2012, represents the 18 individual policy committee member views as to what the Fed Funds Rate level will be on December 31 of the next three years and then a longer-run view.  Despite Chair Powell’s reiteration at the post-meeting press conference that the dot-plot represents individual member views, not the Fed’s view, and that the Fed still views the current uptick in inflation metrics as “transitory,” nervous markets took back most of the 12 basis points (bps)(0.12%) rate decrease in the 10-Year Treasury from the prior week. (The market has a nasty habit of shooting first and asking questions later.) The 10-Year closed on Wednesday, June 16, at 1.58%, up +8 bps…

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