US Federal Reserve interest rate decision +75 bps vs +75 bps expected

• Prior rates were 2.25-2.50%
• The implied probablity of a 100 bps hike was 17% ahead of the FOMC with the remainder at 75 bps
• Prior statement said "Committee is strongly committed to returning inflation to its 2 percent objective". That's repeated.
• Recent indicators point to modest growth in spending and production (repeat of last statement)
• Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures
• The Committee is highly attentive to inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term risks (repeat)
• No dissents

Prior to the statement, the November 2 meeting was 70% priced for another 75 bps to 3.75-4.00%, that's moved up to 89%. There is very little change in the FOMC statement but markets are reacting to the dot plot, which shows higher terminal rates and the Fed holding higher for longer.