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Jim Grant's prediction: Fed will move in the 'direction of ease'

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Jim Grant on Fed, Signet

"The Fed's next move will be in the direction of ease, " according to contrarian investor Jim Grant.

Grant, the founder and editor of Grant's Interest Rate Observer, told CNBC's "Closing Bell " that "the industrial manufacturing economy is visibly entering or flirting with recession, the yield curve is flat and flattening, [and] inventories are building."

Grant's prediction came after the Federal Open Market Committee said on Wednesday that it would not raise short-term interest rates.

While the so-called dot plot of future rate projections indicated there was still is a greater likelihood of two hikes before the end of 2016, doubts have increased that that would be the case.