Fed hikes rates: then what?

Investors are understandably eager to know whether the US Federal Reserve will raise interest rates in September, or in December, or early in 2016 – or never. But, bond fund managers say, the date the US central bank’s Federal Open Market Committee (FOMC) meets and decides to raise short-term rates for the first time since 2006 is less important than what comes after. “The question that matters is not when the Fed raises rates, but when they stop, and how soon,” said Jeff Moore,…