Rest assured, Fed will raise interest rates with greater conviction when others Central banks start to raise their rates (BOE, BCE ...), otherwise the rates gap would be too high and this would lead to enormous dollar strength, which Trump, as repeated on several occasions, doesnt' want.
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Greg is working on the wrong premise in the first place. Janet Yellen's spew was "hawkish" on Wed? Not the Janet I heard spew. Janet said she would drop the Fed funds rate if 2% inflation couldn't be acheived...then she'll QE if that doesn't work...finally, she will drop her panties. Greg will actually "beg" Janet to "QE"...as chances are good she will actually drop her panties first. Did you see the gleem in here eye during her speech? I think she's horney for Greg. So that's my call for 2017. Janet drops rates, then drops her panties but can't get inflation to hold steady above 2%...gold down to $800/oz...Greg begs Janet to QE over pulling her bloomers back up. Log this purrdickshun in just in case I forget it. target date for all to materialize? >>> May of 2018...depends...Janet may actually wear depends and then it is "unlikely" she drops em. Gotta hedge my calls...like Maalox Mannarino does. :-)