JP Morgan Research reviews yesterday's June FOMC meeting.

"For now, the Fed is not providing forward guidance, but that didn't matter as the FOMC's dot plot delivered a clear message, and it was much more hawkish than expected. Chair Warsh did not submit a dot, and with an even number of participants the median for this year fell between no change and one hike. Next year's dots were also generally above expectations, with the median unchanged from the current rate setting. The decision to leave rates unchanged was reached by a unanimous 12-0 vote. The post-meeting statement was trimmed down significantly, eliminating a lot of boilerplate language that seemed unnecessary to begin with.

"The forward guidance was dropped entirely, with the only thing close being a reference that: "The Committee will deliver price stability." Given the terse statement that focused on getting inflation back down, one might wonder why the Committee didn't hike," JPM addds.