Fed Thoughts: The Deep End of the Pool

“If there has been a conscious effort to boost expectations of a rate rise, I’m about to join it.”

-Federal Reserve Vice Chairman Stanley Fischer, Wall Street Journal, March 4, 2017

If? By the Friday that Fischer spoke, virtually every participant in meetings of the Federal Open Market Committee (FOMC) had relayed that the case to consider at their meeting on March 14th to 15th for adding 25 basis points to the federal funds rate target was compelling. March is on the table. The meeting is live. Rates will rise fairly soon. A rate hike will get serious consideration. A quarter-point hike is a live option. We really mean to light up the Board. (I made the last one up. All of the other euphemisms for actually doing something at an FOMC meeting came from Fed speakers.)
 

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