Markets Likely to Overinterpret Fed Chair's Tone

0251 GMT - Markets risk overinterpreting the tone of Federal Reserve Chairman Kevin Warsh's press conference after its meeting, says BlackRock Investment Institute's Jean Boivin in a note. The Fed helped reestablish the new chairman's credibility with its decision to hike rates, Boivin says. He notes the emphasis on the strength of the U.S. economy was a notable feature of the post-decision press conference, which markets interpreted as hawkish. The head of the BlackRock Investment Institute notes--against the backdrop of stronger economic growth--the rate hike may not be bad news for risk assets. "We think it is important to distinguish the need to safeguard the Fed's credibility from the start of a sustained hiking cycle," says Boivin.