Goldman with the note:
The FOMC left the funds rate target range unchanged at 0–0.25% at the June meeting, and raised the IOER and RRP rates by 5bp. The median projected path for the policy rate in the Summary of Economic Projections (SEP) increased to show two hikes by 2023, despite almost no change in the individual 2023 core inflation projections. We interpret this to mean that the FOMC sees the 2021 inflation overshoot, which will bring the average inflation rate since the recession began above 2%, as largely sufficient to accomplish its averaging goal, which lowers the inflation bar for eventual rate hikes.
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