Following a 50-basis-point rate hike in May, the Federal Reserve (Fed) is now widely expected to announce two more 50-basis-point rate hikes — one after the June Federal Open Market Committee meeting and the other after the July meeting. While the Fed may decide to pause in September, a further 50 basis-point rate hike by December appears inevitable. Even dovish Fed officials, such as Mary C. Daly, are now pushing for an “an expeditious march to neutral by the end of the year.” It is generally assumed that “neutral” in Fed speak refers to a 2.25-2.5 percent federal funds rate target range. Recent stock market conniptions have, at least so far, not generated much concern among Fed offic
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