Boston FED president Rosengren favors gradual rate increase
Rosengren said that the policy makers are now closely monitoring the direction of volatile global markets and that the effects of the recent turmoil in global stock markets in order to determine whether the recent unrest in market is temporary or a symptom of wider troubles.
Before the recent turmoil in global stock markets, economists had expected the FED to increase rates in September given the stronger US economy as well as improving employment rates.However, due to the recent downturn in global markets, economists and even FED officials have started to move away from the possibility of a September rate increase. According to projections based on options prices, investors rate the possibility of a rate increase in September at around 34% while the probability rises to 47% in October.
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