Merrill: "Will it be a summer break for the Fed?"

A few excerpts from a Merrill Lynch research piece: Will it be a summer break for the Fed? The US stock market witnessed its biggest sell-off of the year on Wednesday while Treasuries rallied and the market priced in a shallower path for rate hikes. The expectation for a June hike slipped to approximately 70% from near certainty earlier in the week. We are puzzled that the market remains committed to a hike in June but skeptical about future hikes in 2018. In our view, June is a close call and will be sensitive to financial conditions in the next few weeks. We are therefore holding to our......(read more)

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