Merrill on FOMC: "The not-so-dovish hike"

A few excerpts from a research piece by Merrill Lynch economist Michael Hanson: The not-so-dovish hike With the market pricing in a better than 90% chance the Fed will hike at its December meeting, liftoff expectations are very different than in September. However, it is déjà vu all over again for talk of a "dovish hike" thereafter. We do not expect the Fed will be find the right mix of language, projections, dots and press conference remarks that ratifies current market expectations of a little more than two hikes next year - particularly when the Fed views four as "gradual." The overall......(read more)

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