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« It May Well be Time to Dump Gold | Main | The Brexit Vote Will Be Rigged - Jeff Nielson »
Tuesday
Jun212016

Yellen Leads Fed in Retreat as Reasons for Rate Hikes Fade

Economists see Fed chair in group calling for one 2016 hike


Yellen sees near-term and long-term factors clouding outlooked

 

Three weeks ago, Federal Reserve officials sounded like they needed a reason not to hike interest rates soon. Now, they’re in search of a reason to consider any change in policy.

“Unless something unexpectedly positive happens, they’re likely on hold for the next couple of meetings,” said Carl Tannenbaum, chief economist at Northern Trust Corp. in Chicago.

Fed Chair Janet Yellen sketched a cautious and uncertain view of the economy in testimony before lawmakers in Washington Tuesday. After her remarks, Tannenbaum was among several economists who said they believe Yellen is among the six Fed officials who last week predicted just one rate increase this year. And that others on the Federal Open Market Committee may soon follow her lead.

If the chair was one of the officials who forecast a single rate increase, that would mean she stepped below the median forecast of the 17 participants published June 15, which was for two hikes. That would be unusual because Fed chairs typically lead from the center of the committee. They can’t do that if they are outliers, said Laurence Meyer, a former Fed governor who now runs a policy analysis firm in Washington that bears his name.

read more......

 

No rate hikes in the near future should have sent gold higher, but it didnt, gold dropped....

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