Roger Ferguson – former vice chairman of the Federal Reserve – has offered his analysis of the central bank’s latest interest rate hike and the press conference that followed on Wednesday. 

Ferguson believes that the Fed and the market do not agree on what the central bank will do next. The latter, he claims, is betting that the former will be forced to reverse its rate hikes sooner than it expects. 

“[The Fed] was very clear about one maybe two more hikes to come because they see the process of inflation slowing. The market chose to ignore the possibility of two,” said Ferguson.