Fed has something to prove to dubious traders across Wall Street

NEW YORK: It’s hard to fault investors for being complacent when the Federal Reserve says it’s on the brink of raising interest rates again.

Policy makers have been delivering that message since the start of last year, only to later back off when the data showed they overestimated the strength of the US economy. This scenario is playing out again in global markets. Even after the Fed’s minutes Wednesday sent a strong signal that an increase may come as soon as June, the bond market is only pricing in a 28% chance of that happening.