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What could possibly go wrong?
Central banks want rates to go up but markets have largely resisted. Upping the ante, the FOMC admits there's going to be a recession but claims it will raise its rates anyway. As a result, this pushes the Fed pivot somewhat further into the future by raising the bar for any rate cuts.
Eurodollar University's Money & Macro Analysis
Bloomberg: Bets on ‘Year of the Bond’ Persist in Face of Still-Hawkish Fed
https://www.bloomberg.com/news/articles/2023-07-05/year-of-the-bond-loses-luster-as-robust-growth-imperils-bulls
FOMC June 2023 Meeting Minutes…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.