I do not anticipate that the fed will increase interest rates in 2015. My expectation would be the first quarter of 2016. The amount of increase would be expected to be 25 basis points. They would increase interest rates gradually.
Currently, one of the factors missing for an increase in interest rates is inflation. Although some people say that the global economic environment is not a factor in the interest rate decision, with the current market environment which includes China and Greece, it would seem imprudent to delay and increase in interest rates.
The market reacts to the Fed action in an instant but it takes 6 to 9 months for our economy to fully absorb an interest rate change. My concern is that the Fed would increase interest rates on a monthly basis as it has in the past. My hope is that when interest rates are increased they allow this economic absorption to begin.
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