Expect US rates lift off September but subsequent rate hikes will be subdued

Tim Duy of Economists View says “The FOMC meeting ended largely as expected with a nod toward recent data improvement but no change in policy. It is still reasonable to believe that lift-off will occur in September, but only if incoming data removes any residual concern about the sloppy data from earlier this year. Still, as Federal Reserve Chair Janet Yellen emphasized today, the lift-off itself is less important than the subsequent path of rates. That path remains subdued.” Tim Duy’s wrap (VIEW LINK) Wall Street Journal Statement Tracker here: (VIEW LINK)