As expected, the Federal Reserve, at a regularly scheduled monetary policy meeting of the FOMC, has raised by 25 basis points the interest rate it directly controls.
The range for the Federal Funds rate has been increased from 1.75%-2.00% to 2.00%-2.25%.
This is the 8th hike in the current series of hikes.
It should be recalled that at the time of the first hike Austrian-lites were forecasting an immediate stock market and economic collapse and stated that that first rate hike would have to be reversed.
The Fed also signaled it is
likely to raise the rate one more time this year.
It is now nearly three years later and I am only now getting nervous about the stock market. I haven't yet issued a full PANIC warning in the EPJ Daily Alert but I am getting close.
The full Fed statement is here.
-RW
You get credit for realigning my thoughts. I read too many Austrian lites in the beginning, they tend to see the sky as continually falling. You helped me take advantage of this latest bubble to not waste the opportunity to make money. Now, the opportunity to make money on the way down should the market stumble. Your EPJ Daily Alert has been incredibly invaluable to me, thank you! I recommend it to all.
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