Economics
Janet Yellen's Prediction Last Month Is Already Being Vindicated
The Fed will take a pass at this meeting and leave market participants debating whether the first rate hike will come in September or December
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The Federal Open Market Committee meets this week to discuss the path of monetary policy.
Any possibility of a rate hike at the meeting’s conclusion on Wednesday was already crushed under the weight of weak data early in the year. To be sure, the data support the transitory nature of the weakness, justifying Federal Reserve Chair Janet Yellen’s optimism last month, but it remains too little, too late. Instead, turn to September as the next opportunity for the first rate hike of this cycle.