On the May FOMC

http://trendmacro.com/system/files/reports/20170503TrendMacroLuskin-KI.pdf
Donald L. Luskin
Wednesday, May 3, 2017
What, FOMC worry? Overlooking a quarter of weak data, and silent on the balance sheet.
Strategic view: 

The FOMC is discounting the quarter’s weak headline growth and jobs data, turning a blind eye to soggy inflation, and staying mum on plans to wind down the balance sheet. Without a growth acceleration, we think the Fed is on track for only one more rate hike this calendar year.