When this happens, will US bond yields rise?
A rate hike does NOT guarantee that mortgage rates are going up. The recent frenzy in housing construction activity is set to decline in the coming months and years, but "the market appears to be already pricing close to bottom of the cycle earnings in Brickwork's building products division", Mr Piper says.
The Federal Reserve, which has struggled to stoke inflation since the financial crisis and up until now raised rates less frequently than it and markets expected, may be about to hit the accelerator on rate hikes.
The tone of the Fed will also determine the fate of the United States dollar.
"Markets fully expect a rate rise, so market reaction is likely to be muted unless the Fed disappoints, which would lead to lower bond yields and a lower dollar, although that is not our expectation", Mike Bell, global market strategist at JP Morgan Asset Management, wrote in a note.
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Fed chairwoman Janet Yellen recently signalled that the Federal Open Market Committee will raise the central bank's key interest rate during the meeting.
The stock market has shown little signs of budging even as the options-implied probability of a Wednesday Fed hike increased to a virtual certainty from about 50 percent at the end of February. Finally, new weekly figures from the U.S. Energy Information Administration could also fuel a bearish response by energy stocks if they continue to show record supply. It will be a test of the market's valuation, the economy's resiliency, the Fed's independence, and Donald Trump's self-control. The unemployment rate fell to 4.7% and average wages edged higher. Most recently, while the headline USA employment data, for February, came in higher than expected, much of that upside surprise was attributed to warmer-than-expected weather and a rise in lower-skilled, lower-paying employment.
Uncertainty over the Republican's plan to "repeal and replace" the government's healthcare plan put pressure on healthcare stocks.
After March, however, primary dealers were split on the timing for when the Fed would raise rates during the rest of 2017.
On CNBC, legendary investor David Tepper argued that the Fed needs to increase interest rates to prevent the economy from overheating.
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In the wake of the report, the odds of a March rate increase climbed to more than 90%, up from only 25% at the beginning of February, according to futures contracts monitored by the CME Group's Fedwatch program. The cost of borrowed cash for auto loans and credit cards also has been rising.
The increase in consumer prices also translates to higher inflation.
Right at this moment, the rate of interest an investor can get by purchasing a five-year Treasury note is nearly 2 percent. If you are looking to refinance, you should be able to find five-year variable rates in the prime minus 0.45% range (2.25% today), depending on the terms and conditions that are important to you.
The Federal Reserve raised the base interest rate by a quarter of a percent in December previous year and is expected to follow with a further rate rise on Wednesday.
Why will it raise rates?
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