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Fed tightening… spreads around the world… and FX intervention...

The Fed delivered a 75 basis-point hike yesterday, and admitted there will be below-trend growth for a period. Seema Shah of Principal Global Advisers says this should be interpreted as central-bank speak for "recession". The Dot Plot was revised higher, with FOMC members expecting rates to reach 4.4% this year and 4.6% next year. After the announcement, Goldman raised their forecast, now expecting a peak Fed Funds rate of 4.5% to 4.75%, from 4% to 4.25% previously.