GOLDMAN SACHS: We were wrong, the markets were right. Sorry!

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“We are revising our Fed call, and now expect the FOMC to keep policy rates unchanged at the March 15-16 meeting,” Goldman Sachs’ Jan Hatzius and Zach Pandl write. “Incoming economic data continue to look broadly consistent with the committee’s outlook, but financial conditions have tightened meaningfully, and officials sound inclined to take more time to gather data and observe market developments. We therefore expect the next rate increase in June, and see a total of three rate increases this year.”

— SR

More to come.

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