This Is The Debate Going On Inside the Fed Right Now

LAST week the markets were braced for the Federal Reserve to drop the word "patient" from its commentary, signalling that a rate rise might follow in the summer. The word was duly dropped, but the rest of the Fed statement was much more dovish than expected. That prompted equities to rise and the dollar and Treasury bond yields to fall. Investors are probably more puzzled than they were before the Fed met.