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Let’s talk a bit more about the FOMC statement and its cut. Yes, I mean cut of these words; “The Committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.” The Fed isn’t mincing words here. What they are saying is they are more confident in the economy, inflation, and that the Funds rate will now move to the longer-run objectives. It’s reasonable to see gradual to mean 25 bp hikes each quarter. Read more from David Ader's latest musings...
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