The market was also reminded by a top Fed official that the central bank was not finished raising interest rates. Fed Bank of Cleveland President Sandra Pianalto left no doubt that rates would continue to rise, albeit at a measured pace, until they reached a neutral level that would neither stimulate nor restrain the economy.
She gave no exact target for neutral but put it in a band somewhere between 3.0 percent and 5.0 percent. Many in the market think true neutral lies around the middle of that band