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### POV, FED REMAINS INDEPENDENT - Rate hike....>

FED
FED: ### POV, FED REMAINS INDEPENDENT
- Rate hike probability for the Dec 19 FOMC has moderated since less hawkish
tone from Fed speakers (Clarida, Harker and maybe Chairman Powell) last week.
- Which begs the question, has political pressure from White House had anything
to do with the placative tone? Or does the Fed retain it's independence?
- The answer is emphatically NO despite comments from strategist Ed Yardeni:
"President Donald Trump and Larry Kudlow, his economic adviser, have been
calling for Fed officials to pause their interest-rate hiking. So has CNBC's Jim
Cramer. And so have I. Fed Chairman Jerome Powell and his colleagues may be
starting to get the message and act accordingly."
- Hubris of talking heads aside, the Fed remains data dependent and the less
hawkish tone is a nod towards global growth concerns as opposed to headwinds
from trade. If the Fed is bending to pressure, it's from the global slowdown not
politics. 

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