The U.S. Federal Reserve has run out of patience.
So say respondents to the CNBC Fed Survey, more than two-thirds of whom see the Fed dropping the word from the policy statement in March. The word has been used by the central bank to signal no rate hike for at least two meetings.
The 38 respondents, who include economists, analysts and money managers, also now see the first rate hike coming in August, a month ahead of the prior survey, and it forecasts a somewhat steeper rate of interest rate increases over the next several years.
But rates are still forecast to rise gently, peaking at 3.04% in this cycle by the fourth quarter of 2017, a quarter earlier than the survey in January.
But Wall Street thinks the Fed is behind the curve, with 54% saying the Fed is "too accommodative," the first time the percentage has been above 50%. The 32% who say policy is "just right" represents an all-time low and a 15-point drop from January.
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