Banks, lenders and other financial companies were flat as traders handicapped the Federal Reserve's plans to hike rates later in the year. One strategist said the odds of a rate hike in December are shrinking and that is causing consternation about the outlook for growth. "When you see the 10-year yield under 2.2% some nervousness that growth can continue," said Joe Kinahan, chief market strategist at TD Ameritrade. "The last hike in my opinion wasn't so much about 'taking money out of the system... blah-blah-blah.' It was taken as vote of confidence [in the economy] that they could nomralise to historical rates. That's really the major issue that the market is going to be watching."
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(END) Dow Jones Newswires
August 18, 2017 16:55 ET (20:55 GMT)