The FOMC Chairwoman, Janet Yellen, had previously stated that there will possibly be 3 interest rate increases this year. After her report to Congress last Tuesday, it seems as though she kept details to a minimum so she can have all the cards on the table. Investors and analysts already expect an increase in interest rates based on the markets response during her report to Congress. The S&P500, dollar and 10 year yield all spiked, and oil and gold dropped.
Are the markets getting ahead of themselves? We’ll find out.