Fed actions only indirectly influence intermediate term rates - they only control the overnight rate, not months and years terms. The short end of the yield curve is quite inverted right now, so the Fed eventually driving short term rates down below 4% could very well have little impact on intermediate term rates.
Or as they say around here, nobody knows nuthin'.
FI and Semi-ER March 24, 2017
Consulting to stay engaged
"All models are wrong, some are useful." - George Box
“There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken