On the surface, the Fed continues to posture support for additional rate hikes in 2018. Furthermore, the appearance of a united front has perpetuated investors' anticipation of an additional backup in rates; according to Bloomberg, the forward curve is now implying a faster pace of hikes than previously forecasted at the start of the year. The pathway for rates, however, is far from certain, as the dispersion of the dots in the plot clearly suggests. There are a number of sizable barriers including modest growth, a flatter curve and a changing composition of Fed leadership that could undermine the Committee's presumed eagerness to increase Fed funds twice more in the remaining eight months of the year.
Stifel Financial Corp. is a diversified financial services holding company that conducts its business through several wholly owned subsidiaries. Its primary broker-dealer subsidiary, Stifel, Nicolaus & Company, Incorporated, is a full-service brokerage and investment banking firm established in 1890. Stifel Financial Corp. was formed as a holding company in July 1983 and is publicly traded on the New York Stock Exchange under the symbol "SF."