Earlier in 2017, using the latest Fed data newspapers and financial media reported that US consumer credit card debt had risen above $1 trillion for the first time since the financial crisis.
As if The Federal Reserve's credibility was not already circling the drain faster than Kanye West's, San Francisco Federal Reserve President John Williams just dropped the ultimate tape-bomb of ignorance and flip-flopping...
Well, liftoff has officially begun.
Assuming 25 bps doesn't tip EM into crisis and/or trigger some kind of dramatic, unforeseen meltdown elsewhere, the Fed is about to embark on the first rate hike cycle in over a decade.
Of course the hike itself isn't what's interesting - virtually no one thought the Fed would fold again, even as China did its best to create a bit of pre-Yellen drama by stirring up the deval fears with a nod to a new trade-weighted index for the yuan.