STORY: The U.S. Federal Reserve held interest rates steady on Wednesday, with Chair Powell saying it was likely to take longer than previously expected for the central bank to gain the "greater confidence" it needs to begin to cut interest rates.
"Let's start with a with a quote that's stuck with me throughout my 38 years of doing this," said Diton, speaking to Reuters' Lisa Bernhard. "'There are two groups of people: those who don't know where interest rates are going, and those who don't know that they don't know where interest rates are going. And and even Jay Powell is in the first group."
That's because Powell and his fellow Fed policymakers must rely on economic data to determine the future path of rates, Diton explained.
He also discussed the possibility of a rate hike this year, as well as why MPLs, along with emerging markets India and Mexico, are part of his current investment portfolio.
