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Still Waiting for the Fed, June 5, 2006
Summary: On Thursday, the Fed was surely going to hike rates at its next meeting. By Friday, the markets were convinced that no more rate hikes were coming in 2006. Aside from a psychiatrist, what does the market require? Perhaps only patience, I think. The Fed is just waiting for more data to better ascertain how well the economy is performing and whether inflation will remain contained. Similarly, there's no point for the market to rush to judgment.
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