#Fed downshifts to a 50bp hike (as expected). They increased the key rate to 4.5%, the highest since 2007. According to Fed median forecast, projected rates would end next year at 5.1% (+50bps beyond the prior median of 4.6%) before being cut to 4.1% in 2024 - a higher level than previously indicated (see FOMC dots below). Prior to the decision, markets were expecting rates would reach ~4.8% in May. POWELL: LABOR MARKET REMAINS EXTREMELY TIGHT POWELL: A RESTRICTIVE POLICY STA