Not even a hint

Sure, today's 25 basis point rate hike by the Federal Reserve was its smallest move in almost a year. But to understand the Fed's mindset, you just need to read the last sentence of each of the first three paragraphs of today's media release: 

..... Inflation has eased somewhat but remains elevated.

..... The Committee is highly attentive to inflation risks.

..... The Committee is strongly committed to returning inflation to its 2 percent objective.

Clear enough for ya? No sign of a "pivot" there. Indeed, the release repeats the now-familiar message that The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. This is followed by a boilerplate acknowledgement that The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. Even so, markets can be in little doubt that the Fed does not believe its job is done just yet. 

Fed Chair Powell's imminent press conference may paint a somewhat more nuanced picture. Even so, it is striking to observe the contrast between the Fed's tone and that adopted by the Bank of Canada when it announced its "conditional pause" in tightening in January. The last "dot plot" of FOMC members' predictions showed that most expected the funds target to reach and likely top 5 percent. With the target now at 4.50-4.75 percent, and given the tone of today's statement, that seems likely to happen before any pivot takes place.