And right on schedule, too. Man, sometimes I'm so spot-on target with these predictions, it almost makes me wonder if I gave the White House the idea:
The Federal Reserve raised interest rates for the first time in almost a decade in a widely telegraphed move while signaling that the pace of subsequent increases will be “gradual” and in line with previous projections.
The Federal "Open Market" Committee unanimously voted to set the new target range for the federal funds rate at 0.25% to 0.5%, up from zero to 0.25%. Policy makers separately forecast an appropriate rate of 1.375% at the end of 2016, the same as September, implying four quarter-point increases in the target range next year, based on the median number from seventeen officials.
“The committee [claims] that there has been considerable improvement in labor market conditions this year, and it is reasonably confident that inflation will rise, over the medium term, to its 2% objective,” the FOMC said in a statement Wednesday following a two-day meeting in Washington. The Fed said it raised rates “given the economic outlook, and recognizing the time it takes for policy actions to affect future economic outcomes.”
Of course, in reality no real jobs have been created since Barack Obama first took power, and the economy has remained mired in the economic depression brought about by the Democrat Financial Logic Bomb ever since. A bleak reality papered over by the enormous blizzards of "quantitative easing" wastepaper pouring out of the zero-rate Fed over that same period of time, pumping up a supremely distracting stock market bubble that has just been awaiting its puncturing to pancake in a financial cataclysm that will make 1929's "Black Friday" look like a miniscule blip. A series of Fed interest rate boosts is that needle, and now "Old Yellen" has wielded it, just in time to provide The One with the Final Crisis for him to exploit to declare himself President For Life.
Will quarter-point jumps be enough to blow down the Obamanomic house of cards, or will the upward trend be enough all by itself? Does it matter? The Fed can always boost the increments as next year unfolds, whatever it takes shatter the crumbling remains of the U.S. economy once and for all.
This serves as a good reminder not to get too rapped up in a 2016 presidential campaign that may never be allowed to reach its conclusion after all, doesn't it?