How the Fed Could Ruin Wall Street’s Rebound This Week

Stocks nervously inched higher late last week, in part because of growing hopes the Fed makes a dovish turn. Bank of America Merrill Lynch economist Michael Hanson gives the Fed credit for the technical execution of the rate hike (no small feat after a long experiment with zero-interest rate policy going back to 2008). The futures market is already discounting this: According to Hanson, traders only expect at most one rate hike for all of 2016.