The Fed Never Hikes Just Once? Alan Greenspan Disagreed

Federal Reserve Chair Kevin Warsh on Wednesday presided over the first US interest rate increase since 2023, and rate hikes are generally a package deal, as the aphorism goes. Versions of that folk wisdom circulated ahead of the decision, delivered by the likes of former president of the Federal Reserve Bank of St. Louis Jim Bullard and one-time Fed Vice Chair Richard Clarida. Their conviction is reflected in market pricing, with swaps traders anticipating around three more increases by late 202