Merrill on Fed: "See you in September"

A few excerpts from a research piece by Michael Hanson at Merrill Lynch: See you in September Earlier this year we had expected that the Fed would shift away from risk management toward a more straight-forward data-dependent policy stance, and that the US macro data would improve enough to support a rate hike this summer. Following the soft April jobs report we have reassessed both parts of that view. Despite some Fed officials making the case for a "live" June FOMC meeting, we have been struck since early this year by Fed Chair Yellen's strongly dovish tone. Meanwhile there has been some......(read more)

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