"The Federal Reserve hiked the fed funds rate by 25 bps on March 15, while language around risks was modestly upgraded. Notably, the Summary of Economic Projections (SEP) still suggests a total of three (i.e., two additional) hikes this year — which implies modest upside to our '17/'18 EPS estimates. While the statement was largely as expected, stocks sold off on what appears to be positioning-related factors. We think that, from here, investors are trying to frame (1) potential upside from faster/more than expected hikes against eventually inflecting deposit betas and (2) to what extent rates will help to offset some of the recent weakness in loan growth. In our coverage, we see most absolute earnings upside from higher short rates in CMA, SCHW, ZION, and BAC."