Jacobsen: Tentative Rate Hike About "Symbolism" Over "Substance"

Brian Jacobsen expects the FOMC to raise interest rates despite believing policymakers should hold rates steady. He characterizes a potential hike as largely symbolic rather than economically substantive, intended to reinforce the Federal Reserve's independence to U.S. investors. A rate increase would maintain a hawkish policy signal and could weigh modestly on risk assets.