has shown signs of cooling even though it remains well above the level where Federal Reserve policymakers feel comfortable, which has reignited fears that the central bank may have more work ahead.
"The counterweight is if the lag effects of monetary restriction start to take a larger bite out of economic activity, you could see a more challenging market," he added."It takes 12-18 months for a single rate increase to flow through the marketplace, and we are only 15 months into the first rate increase," he said.