Overview: Many observers are attributing the sell-off in risk assets today to the Federal Reserve's pessimistic outlook, yet, as we note below, the Fed's median GDP forecast this year is better than many international agency forecasts, including the OECD's that was issued yesterday. Moreover, some near-term trends were already in place. Although the MSCI Asia Pacific Index snapped its longest advance in three years today, Europe's Dow Jones Stoxx 600 is lower for the fourth consecutive session, and the S&P 500 will likely fall today for the third successive session. Both of these streaks are