Even as Powell sounded a dovish tone, and markets took a risk-on tone as a relief that the median dot plot is still forecasting three rate cuts for 2024, not all is dovish within the FOMC. An analysis of how the 2024 dot plot evolved between December and March shows a mildly hawkish tone. Even though the median stayed at three cuts, the average fell and the distribution became far less dovish than the December projections.
The opinion of individual members of the FOMC has become more hawkish. If Powell needs to achieve a consensus for a rate cutting decision, it was be as difficult as herding cats.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ9Kgtq-2tH2sAWBEuXA-4i2ObU02vqNyGshR8kl01UgN8DZH5cP9kQVO47K7SdrBArnq9FRryVjXyvStR4pCXWjU2Fu8uAf12VkDuwOuovLRUrqcTT57edL3rnSO5n0MU-zL97rC16NjhIu0rjeDDv2Gm6Kgsht-ErFBPcCJq-fKV9NqDZuT1rYOikEwH/w400-h390/Dot%20plot.png)