by Dave Gonigam
At some point, you have to bow to the inevitable. “By now,” says Jim Rickards, “it’s clear that Janet Yellen will not raise interest rates when the Fed meets next Wednesday.”
Yes, we know. For nearly three months, Jim said the Federal Reserve had to preserve its credibility by raising the fed funds rate in March — a follow-up move to the increase in December.
Jim’s in Switzerland this week, presenting to a group of the biggest and most sophisticated institutional investors hosted by a leading Swiss wealth manager. But he’s still keeping a pulse on events back home. And those events have clearly shifted within the last couple of days.