Mortgages unchanged immediately after Fed hikes rates: Why?

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To be sure, the Fed can't be faulted whether it delivered this third rate hike or not. Two known doves, Minneapolis Fed President Neel Kashkari and Chicago Fed President Charles Evans dissented.

At the close of their two-day meeting, Fed policymakers delivered their third rate hike of the year as was widely expected, and fresh forecasts pointed to the continued conviction of a lot of them that three more rate hikes will be warranted in 2018.

Unemployment rate projections fro 2018 and 2019 are lowered to 3.9%, down from 4.1%. This morning's CPI report showed core inflation at 1.7 percent in the past year, below economists' forecasts, and significantly below the Fed's 2 percent target.

Because of this, the Fed's "hint" at where it's taking interest rates takes on a greater importance and it's going to be another three next year and three more in 2019. For 2019, GDP forecast is raised to 2.1%, up from 2.0%.

There was no mention of Trump's tax plan in the FOMC statement but in the transcript of her press conference, Yellen said that, "While changes in tax policy will likely provide some lift to economic activity in coming years, the magnitude and timing of the macroeconomic effects of any tax package remain uncertain".

On shorter time horizons, in its policy statement the United States monetary authority reiterated that near-term risks to the economic outlook "appeared roughly balanced" and that the committee would continue to carefully monitor how inflation behaved relative to its "symmetric" goal for price stability.

But to paraphrase Madam Yellen, we'll cross the bridge when we get there.

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