By Eric Winograd
Last week's meeting of the Federal Open Market Committee (FOMC) surprised even those who expected a dovish outcome. As the Fed wrangles with its policy framework, one takeaway is clear: don't expect rate hikes this year - and possibly next.
As recently as six months ago, the committee expected to raise official short-term interest rates three times this year. Now, it doesn't expect to raise rates at all in 2019. Sure, the FOMC's economic forecasts have deteriorated, but only modestly. Much too modestly, in fact, to justify such a big swing in