I think the Fed was more hawkish than most expected. They hiked rates 0.25% and see two additional hikes next year (instead of three). They lowered their neutral target from 3% to 2.8%. Their goal is to run one hike above neutral and stop in 2019. This news should be bearish for precious metals and miners. I think we had a “buy the rumor and sell the news” type event. Consequently, I think we will get another decline and new lows in early 2019. But before we get too carried away, let’s see how prices react between 2:30 and 3:30.