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FED: Projections & Expectations for the Fed Fund Rate


The possibility of a FED’s rate hike within 2016 has strengthened. Nevertheless, we think that the FED will follow very mild – gradual return to “normalcy”. The fall of the labor productivity during the last three quarters signals some worries about the US economy. We think that at the end of 2016 the ECB will probably decide an extension of its QE program.