Raise 2018 hike projections from 3 to 4 at the last meeting

The FOMC meeting minutes will be released at the of the hour.

Remember at the last meeting, the FOMC not only raised rates by 0.25% to 1.75%-2%, but also increased the projections for rate hikes in 2018 from 3 total to 4 total (they have done 2 so far).

Fed Chair called the US economy "great". The move to 4 hikes is congruent with the pattern of having a hike at every other meeting.

In 2019, the Fed sees 3 hikes. That would be a total of 5 from today and would bring the target Fed Funds rate to 3.00%-3.25%. Most think that is a neutral target for the Fed.

In the statement the Fed deleted the language that said the Fed expected the federal funds rate was "likely to remain, for some time, below levels that are expected to prevail in the longer run."

That's a clear sign the Fed no longer thinks money is very cheap or that the economy needs as much help as it once did.