The signal that the Fed seemed to be sending yesterday is that they don't know where rates are going beyond March, hence the references to data-watching.

We're sending a strong and clear signal

Every new Fed chair always raises interest rates at the first meeting. It's an ego thing. Beyond that, it's very hard to tell. Financial markets that trade on the rate changes are pricing in a 30 to 40 percent chance of a further increase.

That could cause the Fed to raise rates faster.

The conundrum is the Fed, and why the it keeps raising rates.

It's been clear that the Fed concluded rates were too low,