Fed Holds Rates Steady, Maintains Rate Cut Outlook Despite Sticky Inflation and 'Surprises'

• Fed announced it will continue holding rates steady, maintaining outlook for 3 rate cuts in 2024 • S&P Chief Economist says Fed dot plot did not affect 2024 rate cuts, but scaled back 2025 expectations • Economist expects rate cuts to be "delayed" due to sticky inflation and possibility of "more surprises" • Morgan Stanley Exec says Fed has "lowered bar on data" and is aware economy running slightly hotter • Headwinds of Fed's approach could result in weaker dollar and inflated risk assets