Charles Schwab's Chief Fixed Income strategist, Kathy Jones commented on the recently released May 3rd filmic Meeting minutes saying that she thought the fed members were trying hard to emphasize that should they decide to take a break from raising interest rates? It would only be to assess the full impact of previous rate hikes and that it would not signal any change in direction.

You could see that in the minutes and you can hear that in their comments. Very determined to say this is just a momentary pause. Um, not a pivot, uh not a change in direction, just we're on hold for the moment waiting to see. And I think they've really worked hard to communicate that the market is reflecting that while Jones acknowledges the foam notes, say a pause does not mean a pivot. She believes the fed will hold rates where they are the rest of the year before cutting them in 2024. I think they probably try to hold all year, but then next year start to cut