This was very much in line with expectations, ergo the muted reaction in the markets. It's worth noting that the Fed used gradual in lieu of measured to describ

This was very much in line with expectations, ergo the muted reaction in the markets. It's worth noting that the Fed used gradual in lieu of measured to describe the increase. Measured implies a steady series of increases (announced every few meetings until the target rate is reached) versus a gradual approach in which there's a long term number in mind but no strict mandate on getting there - a dovish tone.