Markets have lost 'muscle memory' for Fed rate rises: policymaker

Markets have lost their "muscle memory" for anticipating moves by the Federal Reserve, but will relearn how to take cues from economic data and central bankers' forecasts once U.S. interest-rate rises get underway, a top Fed official said on Saturday. "It's not so much poor communication on our part," San Francisco Federal Reserve Bank President John Williams told reporters in Tempe, Arizona. Before the Fed's October meeting, many investors had thought it unlikely it would raise rates at all thi