The Uk Is Behaving Like an Emerging Market

The markets now expecting that fed funds will be four and three quarters % a next mayit wasn't much more than a year ago that they were forecasting that it would be zero. But when you get as far behind the curve as the fed did, then you really have to hit the brakes very, very hard,. Ther it's not just the united states, as also, for example, great britain. And it strikes me there's a big contrast there. There's nothing in the pattern of market response in the u k. That suggests anything but fear, rather than confidence." It would not surprise me if the pound eventually gets below a dollar," he says.