(Harvest) The Federal Reserve hiked interest rates again last week.Higher rates aren’t entirely bad. They might help savers holding cash—though I wonder why anyone would still hold cash after almost a decade of punishment. The Fed has forced Americans into riskier assets, using every tool but horsewhips.
The bigger question is what this tells us about future Fed policy. Given that the Fed’s composition will probably change in the next year, what if we let the math decide?
