CNBC was awash with "Remain Calm" comments today as yesterday's carnage extended into today post-option-expiration misery.. "I would call this a rather stable sell-off" and stocks are "in a bit of a funk" were among them... but for those buying the well-sponsored rip post-Yellen, here's what you get:
Via Kessler Companies,
In a move that defines the word 'irony' better than the dictionary does, the Federal Reserve raised rates just five hours after their own Industrial Production series was released showing an almost certain entry into a US recession (see chart below).
Submitted by Eugen von Bawerk via Bawerk.net,
We will not spend much time discussing what the FOMC did as tons of ink have been spilled on that already. We will rather spend more time on what the FOMC did not do.
Submitted by David Stockman via Contra Corner blog,
There is going to be carnage in the casino, and the proof lies in the transcript of Janet Yellen’s press conference. She did not say one word about the real world; it was all about the hypothetical world embedded in the Fed’s tinker toy model of the US economy.
Submitted by Charles Hugh-Smith of OfTwoMinds,
The Fed's hubris has led it to the Dark Side.
It's not just a movie, it's real life: the Fed-Farce awakens. Now that the Federal Reserve has finally voted to "restore order to the galaxy" with a tiny .25% rate increase, the true measure of our travesty of a mockery of a sham economy--in a phrase, The Fed-Farce--has been revealed.