Paradis Macro Report [June 17]: FOMC Summary & AI Trade Impact (2 min read): 1. Rates held at 3.50%-3.75%, as expected. 2. But the next move could be to raise rates due to rising inflation driven by energy prices (Iran war). 3. Hawkish surprise with 9/18 participants penciling in one hike later this year (was 0 participants in March) w/ median dot at 3.8% (2026) and 3.6% (2027). 4. Five new "task forces" launched to overhaul Fed: comms, balance sheet, data, productivity/labour and inflation. 5. Forward guidance scrapped = Less public information on Fed outlook = More volatile market. -> AI Trade Impact: In theory: Less guidance + higher implied volatility = structural headwind to multiples. But, we all know that the AI trade defies logic. So for now, the AI capex narrative is trading on its own unique fundamentals...less sensitive to rates/broader macro.