Fed Rate Hike: Warsh's Historic Opportunity
Federal Reserve Chairman Kevin Warsh has a chance to make market history if he and his colleagues choose to raise interest rates on Wednesday.
Overnight interest-rate swaps imply about a 38% chance of a quarter-point increase, with the remainder of the odds favoring no change. Since Bloomberg began tracking the data in 2008, the Fed has never raised rates when swaps assigned less than a 60% probability to such a move.