by Mike ‘Mish’ Shedlock
A “dot plot” of Fed-expected rate hikes vs. market-expected rate hikes shows convergence towards the market’s view.
In December, Fed Chair Janet Yellen expected four rate hikes this year. So did various Fed governors.
On March 21, Atlanta Fed president Dennis Lockhart went out on a limb by proposing a hike in April. The market slapped him silly.
For my take on Lockhart’s position, please see GDPNow Forecast Plunges to +0.6%; Tracking Lockhart’s Momentum with Pictures.
Following weak economic reports and Yellen’s speech yesterday, the “dot plot” of expected hikes further converged.