Peter Schiff on CNBC yesterday said the U.S. economy is "rapidly going into a recession."
"I think symbolically just to show that they have confidence in the economy that they have no confidence in, [the Fed] raised rates to 25 basis points," he said.
And went on to declare, "They're going quickly have to reverse course next year. They are going to bring rates into negative territory ... and they're going to do QE4 and it's going to be bigger than ever."
I see no indications of a recession at this time and it is extremely unlikely that the Fed is going to take rates next year into negative territory. In my view, we are at the start of a muti-year climb in rates.