Last week the Federal Reserve – by a unanimous vote – moved to increase the federal funds rate by another 75 basis points for the third consecutive meeting, which brings the rate to the 3 - 3.25 percent range. That’s the highest since since early 2008 prior to the last recession. More important, however, is the Federal Open Market Committee’s (FOMC) outlook for more rate hikes. The September meeting was one of the Committee’s so-called “dot-plot” meetings, which refers to a chart the committee issues with dots, each representing a Fed member’s view on where the federal funds rate should be at the end of the current and following years. Below is the Fed’s plot.
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Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
