Here Is Why the Federal Reserve Is Likely to Hike Rates Once in 2017

The Federal Reserve is expected to hike short-term interest rates once in 2017, according to Michelle Meyer, head of U.S. economics at Bank of America (BAC) - Get Report Merrill Lynch. "Our point estimate is September and that's on the view that the first half of the year is going to be a little softer in terms of growth and a bit more uncertainty," she said, adding that the market should get more clarity on what the new presidential administration will do in terms of stimulus by the summer. The Federal Reserve is widely expected to make its second rate hike since the 2008 recession at its December 14 meeting. TheStreet's Scott Gamm reports from New York.