(RECAP: Investors gunning for an interest rate hike by the U.S. Federal Reserve may be looking in the wrong direction, as millennials have more control of rates than the central bank, the head of a U.S.-based investment firm told CNBC. “The Federal Reserve no longer sets interest rates in the U.S.— 25-35 year-olds set interest rates,” Bill Smead, CEO and CIO of Smead Capital Management, told CNBC on Monday. He said this was because, for first time in 60 years, most Americans had not taken out a mortgage by the age of 30. The average first-time homebuyer in the U.S is now 33-years-old, according to a survey from 2015 by real estate marketplace Zillow. A cycle of house buying, credit demand and interest rate rise could be set in motion once 25-35 year-olds settle down and raise families.)
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