FOMC results announced early this morning: this year, there may be only one rate cut, or possibly none at all! The voting outcome was 11:1, overwhelmingly in favor. Compared to the last time, when 2 people supported a rate cut, now only 1 remains. The Federal Reserve's stance suddenly turned hawkish, not because employment or GDP are weak, but because there are issues on the supply side: oil prices are soaring due to conflicts in the Middle East, and the efforts to combat inflation over the past two years are about to be undermined.