The Fed raised the overnight target rate by 0.5% as expected.

The Fed funds rate has increased from around zero in March to the current range of 4.25% to 4.5%.

The tone of the press confernce was more hawkish than expected, and the ‘dot plot’ of FOMC participants projections of future rates was higher than expected.

If issuers think the Fed will stick to this, it might be a good idea to consider raising early. If issuers think that inflation will cool quicker than expected, and the Fed is incorrectly overestimating the amount it will need to raise rates, it might be a good idea to wait a bit.