Taking a Swing at Yellen's Change-Up

In recent months, markets had been faced with a dichotomy. With two 25-basis point rate hikes under its belt this year, the Fed had made its stance clear about the need for further rate increases. Meanwhile, the market, as reflected by the benchmark 10-year treasury note, seemed less convinced of the necessity for higher rates.

Then yesterday, in her testimony before the Senate Banking Committee, Fed chair Janet Yellen shifted to a more dovish stance, aligning her views more closely with those of the market. When Yellen indicated that rates won't have to rise much further to get to neutral, expectations for future Fed hikes dropped to just one more for this year, and one for 2018. If these expectations turn out to be accurate, the Fed Funds Rate could top out at less than 2% during this cycle of rate hikes....281 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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