The Fed Is Still Hawkish, but Where Does It Go?

Timothy Stanley: If the market is pricing in pek hawsners, and the fed comes out and is hawkish, then you've got a problem. The possibility that the fed is still hawkish, and that investor expectations and an fed expectationsare still misalined are pretty decently high. So i think it tells you that there is a place in the world right now where people are very concerned that there could be policy error. And i'm not sure that neutral rate for the fed is anywhere close to where we are.