The Federal Reserve is now expected to raise its benchmark interest rate in December, and now the focus is turning to the "gradual" pace of hikes thereafter.
Bloomberg has a piece up on what 'gradual' might mean. This is something for the ICYMI file ... or, more accurately the ICIMI file .... as I did. So, a bit of a catch up.
As a spoiler ... "it can mean pretty much whatever Yellen and her colleagues want it to mean"
"From the Fed's point of view, it's an ideal phrase," said Lee Ferridge, head of macro strategy at State Street Corp.'s asset management unit in Boston. "It tells you they're not going to hike at every meeting, but it doesn't commit them to any sort of pace."
Bloomberg have more. Frustratingly, if you're like me you'll be no closer to clarity at the end. Not Bloomberg's fault ... there isn't going to be a firm timeline.
