Fed Mouthpiece Reads "Liftoff" Tea Leaves
Last month, in what will likely be viewed in hindsight as an ill-fated attempt to begin the long and painful process of normalizing monetary policy, the Fed "went there." Janet Yellen raised rates.
Investors were meant to take solace in the FOMC's use of the term "gradual" to describe the trajectory for rates going forward, as well as from the apparent unanimity, but as is becoming more clear with each passing week, "liftoff" was a policy mistake and may well go down as the worst timed rate hike in history.