Shifts in FOMC projections and minutes

In today's Macro Minute, Darius debates whether the Fed is quietly setting up for a hawkish pivot after subtle changes in recent FOMC guidance. While a sustained tightening shift appears unlikely, the Powell Fed’s uneven inflation track record keeps policy risk elevated. He also explains why investors should focus on capturing market beta and managing regime risk — not chasing tactical factor rotations — in this phase of the cycle.