### Comment:
Why are people saying this looks like him backing off? That’s about as clear as the Fed gets that it’s going to hike rates, short of actually saying so.

### REPLY:
Because he’s saying they only need to raise a little bit more, I.e. the end is in sight. After that point they’ll be neutral and will not need to raise further until the economy says it needs to go higher. Apparently enough firms thought the feds view was further away from neutral than Big Jerome is now saying.

### END.