The important developments involving this week’s Fed meeting first, the how and why later: August was a lousy U.S. economic month, and long-term rates are back down, mortgages on the low side of 3.50 percent, and the 10-year T-note at 1.61 percent, its lowest since September 8.
- The Fed completed its meeting on Wednesday in some disarray.
- Chair Yellen expressed deep worry about job-market overheating.
- A 0.25 percent hike is coming in December, another 0.50 percent in 2017, and another 0.75 percent in 2018.
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