"Did the Fed just tighten," asks BAML's Michael Hartnett, with a contrarian take on the decision...

|By:, SA News Editor

"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.