When it met last week, the Fed strongly suggested two more quarter-point interest rate hikes will happen this year. We should expect three hikes, assuming nothing goes wrong such as a debilitating trade war, serious geopolitical frictions, etc. It’s easy to raise rates if the incoming economic data warrant; it’s very embarrassing to pull back. Moreover, there’s no need for markets to price in higher rates now given substantial future uncertainty.? Will this increase mortgage rates?? Most likely it will.