The banksters are prepared for a rate hike.
A couple of days ago, Goldman Sachs chief economist Jan Hatzius wrote that he expects a rate hike in December.
Now, Jamie Dimon, the chief executive of JPMorgan Chase, said that the Federal Reserve would reduce uncertainty by lifting interest rates for the first time since the financial crisis.
"Raising rates will reduce uncertainty," Dimon told Bloomberg TV. That would be a " good thing, " he added.
Dimon added that US businesses will be in a position to handle a small rise in interest rates, arguing the anxiety around the move is more psychological.
"As I travel around the country, I haven't met one person, not one, who said that if rates go up 25 basis points or 50 basis points" say they will be in trouble.
Dimon is correct. A small rate hike will do nothing to chnage the direction of the economy, which at present is in the boom phase of the Fed created boom-bust cycle.