Fed will break from a Hike-Pause-Pause path

The Fed will not deliver a Hike-Pause-Pause sequence across the September, October and December meetings, even though the September 16 meeting voted 12-0 to raise the upper bound by 0.25 percentage point to 3.75% to 4.00%. The FOMC projection that officials see a 4.00% to 4.25% year-end policy rang…