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By G. Steven Bray
Markets issued a collective sigh last week after the Federal Reserve meeting. The Fed reassured investors that interest rates will remain low for a considerable time. Interest rates, which had been rising slowly all month, paused and then relaxed a little.
So, what’s next? While this week brings some fairly important economic reports, bond markets seem to be mostly ignoring US economic data. They seem to be waiting for some definitive sign that rates should move higher. Until that sign appears, I suspect rates will remain in the same range where they’ve been all year. They’ll also remain susceptible to volatility from overseas events. If Ukraine or Syria takes an unexpected turn, rates will react. Remember that global uncertainty tends to support lower rates. The flip side is also true. A resolution to seething conflict supports higher rates.
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