TMTB EOD Wrap; MU Recap

What a day. Haven’t seen this much red on my screen in a long time. Things were fairly calm during the day until 2pm hit with some key hawkish shifts in Fed statement and supplemental materials: guidance language expanded to "extent and timing of additional adjustments," hawkish dissent from Hammack, 2025 inflation forecasts raised significantly (both headline and core to 2.5%), and dots plot moved higher through 2026.