The Fed raises rates a quarter point, as expected. The question now is what is the “neutral rate” at which it stops raising rates. It’s currently implied at 2.9%, which corresponds to 4 more quarterly 25 basis point increases over the next year.
Fed leaves rates unchanged, but will continue its march toward neutral policy levels. We’re looking for 2 more rate hikes this year.
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The Fed’s plan to “patiently” raise interest rates couldn’t be better for QSF participants. Low risk short term bonds provide stability with yield levels that can’t be matched by bank products.