“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. “Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.” Even though there wasn’t a rate hike today, I look at today as a victory for Logan and Hammack; the hawks got what they wanted and Warsh didn’t push back. This is Lorie Logan’s and Beth Hammack’s Fed for now, and the market went with them over the past two months, especially as the Iran conflict continues. ConclusionToday was a victory for the hawks: the 10-year yield and 30-year yield went up, but the 3-month yield went down for now as the rate hike didn’t happen today.