TD Securities expects the Fed to hike rates in December and March.

TD Securities adjusted its expectations for the timing of Federal Reserve rate hikes, pushing back its previous forecasts for increases in October and January to December and March. Chief U.S. economist Oscar Munoz and others said in a report that the forecast for the total number of rate hikes remains unchanged. The report noted: "While the upcoming CPI and PPI reports may provide the final word, given that Fed officials now appear to be of one mind, we believe the bar for the Fed to tighten policy again in October has been raised." The report argued that Friday's data did not change the Fed's policy outlook, but the recent rise in interest rates could "prompt the Fed to be more cautious."