A quickie from Bloomberg on Morgan Stanley's outlook from the Federal Reserve:

  • Sees the first hike in December 2015 (from previous 2016)
  • Then sees an "alternating series of hikes and MBS reductions at each meeting through 2016"
  • Total of 150 bps in rate increases seen by end-2016
  • Says that "Markets may not be immune to a change in Fed expectations, but they are hardly complacent"