Yellen Takes Off Training Wheels
Janet Yellen took the training wheels off the economy on Wednesday. After seven years of near zero percent interest rates, the Fed hiked rates a quarter percent.
Meanwhile, Congress passed a 2,000 page, 1.2 trillion dollar budget. That tacked another 157 billion onto the 18.5 trillion dollar national debt.
On Friday the Dow dropped 370 points.
David Stockman says, “sell the bonds, sell the stocks, sell the house”. IBD wonders if the markets know something the Fed doesn’t.