What everybody knows isn’t worth knowing, according to market wisdom.
The Federal Reserve will raise its key federal-funds target rate by 75 basis points this coming week, as we all know, from the current 3% to 3.25% range. That hike would be the fourth consecutive one of that size, putting the U.S. central bank on its steepest rate-increase path since the early 1980s. The Fed’s median expectation now is for a 4.40% policy rate by the end of the year, up from near zero at the beginning. (A basis point is 1/100th of a percentage point.)
