The Fed is set to meet today and tomorrow to decide their interest rate policy. Three months ago, this meeting was being viewed as pro-forma; there was a near-unanimous agreement among economists and investors it would result in another 25 basis hike in Fed Funds rate and probably indicate there would be another 1-2 more hikes coming in 2019.
But things have changed. Tomorrow’s decision and the language around it are now viewed as one of the most important meetings in years.
So why the sudden shift? First and foremost, it was at the September meeting Powell indicated there could be other 3-4 hikes, saying …
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