This month kicked off with the conclusion of the FOMC meeting. It was widely expected that Chairman Powell would acknowledge that the Fed made a mistake in suggesting that rate cuts were imminent back in December. He didn’t go quite that far but did opine that the committee was “less confident” that inflation would fall to 2% in the near term. But he also cast doubt on the possibility that the next move in interest rates would be a hike, as has been suggested by market watchers.