Here we go again? More confusion on Fed and rates

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Betting on the Federal Reserve finally getting around to normalizing policy and raising interest rates hasn't been a particularly effective strategy.

However, some on Wall Street finally seem ready to cast doubts aside.

On the heels of notes from the last Federal Open Market Committee meeting, Bank of America Merrill Lynch said the stage has been set for the first hike since the central bank last tightened in mid-2006.

Given market reaction to the October statement, "we think that it is no longer necessary to hedge against rate hiking risk into year-end," credit strategist Hans Mikkelsen said in a note to clients.