Yellen shows doubts

The FOMC Meeting didn´t bring out anything new. There was, as customary, some “dot shifting”. For example, in June 4 participants thought two more rate hikes this year would be appropriate. Three have “jumped ship. The 4 doves, those that don´t think an additional rate hike this year is necessary, remained the same. The interest rate outlook for next year remained largely unchanged, with three hikes envisioned. However, the Fed slowed the pace of projected monetary tightening from there. The “forever” (i.e. long-term) rate is now seen as remaining below 3%. In the post meeting presser, two statements by Yellen…

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