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Last Word On Rate Hike Might Mean Standing Pat
Dated: September 19 2016
September 13, 2016
After four Federal Reserve officials served up their thoughts on the economy in recent days, investor sentiment seemed to be back where it was before they started talking.
Lael Brainard, a member of the Federal Reserve's board of governors spoke in Chicago Monday, the last appearance from a Fed official ahead of the Sept. 20-21 meeting in Washington. Brainard, considered a Fed "dove," or someone that favors a cautious approach to rate hikes, remained true to form suggesting that a preemptive hike in short-term interest rates is "less compelling."
Her comments helped set off a relief rally on Wall Street. Investors feared Brainard might push for a rate hike next week like other Fed officials have leading up to the meeting. On Friday, the Dow Jones industrial average fell nearly 400 points and both the Nasdaq composite and Standard & Poor's 500 index lost 2.5% after Federal Reserve Bank of Boston president Eric Rosengren made comments that suggested that a September rate hike might not be totally off the table.