Federal Reserve Bank of Kansas City President Esther George

The big surprise that came along with the 75 basis point hike from the FOMC was the dissent of KC Fed President Esther George. Normally, she's one of the Fed's hawks so it was a shock that she would dissent.

A leading theory was that she dissented because she wanted the Fed to focus more on the balance sheet but her comments suggest she didn't like surprising the market and hiking at such a rapid pace.

"The speed with which we adjust the policy rate is important," she said, warning that "abrupt changes can be unsettling to households and small businesses."

Looking ahead, she said the case to continue hiking is "clear cut" and that inflation is showing no sign of decelerating so I don't think there are any real policy takeaways here.

Here's the statement:

george dissent