Yes, the next move will be down. But this won't be for a while - possibly early next year. A combinaion of careful observation and an element of saving face.
But I personally think they should raise rates again. There are people out there who borrowed too much and they need to be taught a lesson. I also think the economy needs to hurt a bit longer. Sounds cruel, but it's true.
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Shanthar Pathmanathan, MD
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