The Fed threw in the towel for June and July, but I imagine that there will be desperate attempts to keep the possibility of a September rate hike alive. At this point, it seems unlikely that anything is going to change between now and September. As a result, there are good odds that we are back to a hike in December (if at all). The advantage of a rate hike in December is that it keeps up the symmetry of one rate hike per year. Such movements may be economically insignificant, but they are neatly organised.
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