UBS Chairman Says Fed to Hike Tomorrow

This week it’s all about the U.S. Federal Reserve. Markets are poised, financial leaders are tuned in and everyone is wondering… will the Fed raise rates on Thursday?

While central bankers won’t typically give much away, one former policymaker-turned-bank chairman told CNBC that the U.S’s recent positive economic data showed a rate hike was due.

“The underlying economic data in the U.S. warrants a rate hike. The U.S economy can stand it. The U.S. economy in my view actually needs it medium- to long-term and I’m pretty convinced that the U.S. will see a rate hike, most likely in September,” Axel Weber, now chairman of UBS and formerly president of Germany’s central bank, told CNBC on Tuesday.

via CNBC

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