The Federal Reserve wrapped up its final Federal Open Market Committee meeting of 2019 on Wednesday doing pretty much what was expected — nothing. But in the processing of doing nothing, the central bank said a lot and managed to out-dove expectations.

After cutting interest rates three times in 2019, the FOMC stood pat during its final meeting of the year, holding the interest rate steady at 1.5%.

Despite the lack of action, the signals coming out of the Fed were pretty dovish. The so-called “dot-plot” that projects policy over the next three years anticipates no rate hikes 0r cuts in 2020 and just one increase of 25 basis points in 2021.

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