As the U.S. stock market trades at record high levels, Federal Reserve Chair Janet Yellen in prepared remarks for testimony this morning before the Congressional Joint Economic Committee said that an interest-rate hike could come "relatively soon."
It is highly likely that it will occur at the December 13-14 meeting of the Fed monetary policy committee, the FOMC. Thus putting another dagger in the heart of Austrian-lites who have held the view that last December's 25 basis point rate hike would cause immediate problems for the economy and stock market, and would result in an immediate reversal of that rate hike and a possible move by the Fed into negative interest rate territory.
That didn't happen. It was a view held by those who did not have a deep understanding of Austrian School Business Cycle Theory and the true complete nature of central bank created boom-bust cycles.
There are plenty more rate hikes to come.