After constantly running through what the FOMC gets (very) wrong, let's give them some credit for what they got right. Though this will end up as a backhanded compliment, still. After having spent all of 2018 forecasting accelerating inflation indices, from around New Year's Day forward policymakers notably changed their tune.
Inflation pressures that were in December 2018 building underneath, leading officials to fear a harmful breakout, by January 2019 they were suddenly "muted." What's more, this flip flop occurred in between Chairman Powell's press conference justifying what will be the last rate hike