"Did the Fed just tighten," asks BAML's Michael Hartnett, with a contrarian take on the decision...
"Did the Fed just tighten," asks BAML's Michael Hartnett, with a contrarian take on the decision to tie rate hikes to the unemployment rate. Previously, the Fed had promised ZIRP until late 2015. But what if headline unemployment falls to 6.5% before then? Hartnett notes bond inflows reversed into the largest outflows in more than a year in the days following the Fed announcement.
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