Bear steepening, the Fed reaction function, and a 2019 crunch for marginal debtors

I am looking forward into 2019 at this point. And if you look at the Fed's summary of economic projections from June, you see a median projection for the fed funds rate moving from 2.4% at the end of this year to 3.1% at the end of 2019. So that means the Fed is guiding to three rate hikes for 2019....

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