Dudley puts four hikes on the table
Seeking Alpha
Published Mar 01, 2018 12:34PM ET
Dudley puts four hikes on the table
- "Gradual" has been the Fed's favored word to describe the current tightening cycle, and it's thought to be code for three rate hikes in 2018.
- Enter FRBNY President Bill Dudley. Taking questions following a speech in Brazil, he says four hikes this year would also fit into the "gradual" description.
- Dudley is retiring from the Fed this year, so there's that. His comments also come as Fed Chairman Jay Powell is testifying to the Senate about the economic and monetary outlook. One wonders how Powell feels about an outgoing Fed member trying to box him in (or did Powell give the green light for the boosted hawkishness).
- Stocks have turned noticeably lower since the comments, with the S&P 500 (NYSEARCA:SPY), Nasdaq (NASDAQ:QQQ), and DJIA (NYSEARCA:DIA) all down about 0.6%.
- The 10-year Treasury yield remains modestly lower on the session.
- Now read: Equity Multiples And Rates: Are We Still Getting Paid?
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