It was amazing to watch the news today and see every news source downplay today's Federal Reserve Discount Rate increase. Foreign markets adjusted to the news overnight last night very sharply to the down side. They know exactly what is going on. It wasn't the .25% increase in the discount rate that mattered, the point is that the Federal Reserve was testing the waters of public confidence. It is the direction, and the change in current fiscal policy that was something to note. As usual, the American public is oblivious to what is taking place. If measured in 'baby steps' today's move by the Fed was the smallest possible step forward, but the direction of future rates and policy is clear. Rates are going to rise. Today, in monetary terms this was the first salvo fired in the Federal Goverment trying to ween the economy off government assistance. The move in economic libraries will be a momentus shift in economic policy that can be charted and plotted in time.
I think I can safely say, that in my remaining lifetime, I will never see the discount rate at the levels we've seen for the last few years. My prediction, get ready for more unannounced incremental moves up in rates. They're coming, and will not retreat for anytime soon.
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