They were supposed to go higher in 2016—not sharply higher but noticeably higher nonetheless.
But worries about the slowdown in China spooked the stock market at the beginning of the year and the Dow tumbled 1,900 points during the first 3 weeks of January. The U.S. manufacturing sector was sliding and durable goods orders were shaky. So the Fed held off raising rates in March.
Another rate hike is now called for but wait, the employment report for May that just came out last Friday was a huge downer. Is that going to dash (postpone) another opportunity to push rates higher?