The Fed last night announced its fourth Rate hike in the Fed Funds rate by ¼%, as entirely expected, lifting the Federal funds rate to 1.00-1.25%. But we walk in this morning with the US dollar having been pressured and the US Treasury curve lower. Another case of the usual “buy the rumour, sell the fact”? The explanation comes only in part from a dovish Fed hike/as expected result, also with the Fed’s own rate projections in their “dot plot” rate forecasts hardly moved. The 2017 Fed median forecast still embodies one more rate hike this year, three more next year (again, as before), with the Fed Funds by the end of 2019 getting to 2.9%, still effectively at the 3% still-expected.