Scoreboard: Relaxed on rates

Wall Street rose despite steady US data supporting the case for rate hikes.

Markets settled down a bit overnight, following concerns in the previous session that the Fed would raise rates more aggressively. Strange really, because if anything data overnight supported the case for rates to rise. In any case there is supposedly a lot of uncertainty regarding the rates outlook following Fed Chair Janet Yellen’s testimony, and I can’t see that confusion going away -- the central bank has no targets and I’m genuinely surprised by the silence from the economic community and the press.

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