The game right now is all about tracking the magnitude of the expected slowdown in US economic activity as Federal Reserve policymakers lay down markers about what the outlook means for rate policy. San Francisco Federal Reserve President Mary Daly, for instance, said she is anticipating 2% growth this year, setting the stage for the Fed to stay on the sidelines until 2020. Via the Wall Street Journal: “If the economy evolves as I just said I expect it to—2% growth, 1.9% inflation, no sense that [price pressures are] going up, no sense that we have any acceleration—then I think the case for a rate increase isn’t ... (full story)