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The "long dollar" trade may be the most crowded ever...

...but that doesn't mean there aren't disagreements where the greenback goes from here, especially after the Fed's historic first rate hike which according to some means the end of the dollar's tremendous year-plus long rally as the market starts to price in the next recession as a result of the Fed's own action, while according to others as a result of rate differentials and other central banks' ongoing debasement of their own currencies, the dollar surge is only getting started.

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What Does Today’s “Rate Hike” Mean?

Paul Craig Roberts

The Federal Reserve raised the interbank borrowing rate today by one quarter of one percent or 25 basis points. Readers are asking, “what does that mean?”

Richard Werner – an economics professor and the creator of quantitative easing – says that it’s a myth that interest rates drive the level of economic activity. The data shows that the opposite is true: rates lag the economy.

Economics prof Steve Keen – who called the Great Recession before it happened – points out today in Forbes that the Fed’s rate dashboard is missing crucial instrumentation:

On Tuesday, we brought you Bloomberg’s top 10 “worst case scenarios” for 2016. The list, compiled by polling "dozens of former and current diplomats, geopolitical strategists, security consultants, and economists" included everything from devastating cyber attacks by Iranian and Russian hackers to a military coup in China. 

They even threw in a Trump victory in the national elections for good measure.

Update: The SEC Folds:

• SEC PERMITS TEMPORARY SUSPENSION OF THIRD AVENUE REDEMPTIONS
• THIRD AVENUE WILL BE SUBJECT TO ONGOING SEC OVERSIGHT
• SEC SAYS IT REQUIRED FUND TO PUT IN PLACE INVESTOR PROTECTIONS

As Bloomberg reports, Third Avenue Management LLC received approval from U.S. regulators to temporarily suspend redemptions from its $788.5 million high-yield bond fund.