Today is the last full day of Summer, though it might not feel like it. But just wait until tomorrow; temperatures are tapering off quite briskly.
Yesterday the Federal Open Market Committee announced that next month they will start tapering off their Bond holdings. Additionally, 11 of the 16 members are planning on hiking rates before the end of 2017–and that’s a majority vote. Twelve of the 16 members see three rate hikes during 2018. That information was enough to push the 10 Year Treasury above its 100 day moving average, making long-term rates more likely to tick upward in the weeks ahead