Just a few weeks ago the November FOMC meeting was seen as a live one, but expectations of a rate hike have evaporated in the run up to Wednesday’s decision. The latest commentary from Fed officials has corroborated the markets’ view that the bar for further tightening is set quite high. However, as far as the Fed is concerned, it can be said that the bar for a rate cut has also been set very high. Investors have yet to be fully convinced by the higher for longer narrative even though the data supports the Fed’s version of the economy. So as interest rates are kept on hold for the second straight meeting and in the ... (full story)