There wasn’t anything dramatic that came from the Fed minutes from their last meeting released yesterday afternoon.  That said, I am getting a lot of questions about what Fed policy looks like into year end.  At this point, most believe the Fed will raise short-term interest rates twice more this year – in September and then again in December.  In our view, September is likely, but a December rate hike is going to be based on how the (1) the 2yr-10yr US Treasury Yield Curve and (2) Emerging country currencies like Turkey, behave following the probable September hike.

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