Can you believe all the fuss made over the Federal Reserve's quarter point increase in the interest rate? Would competitive canoeists quibble over whether they were paddling at a rate of 4.7 or 5.0 mph, when the current they are paddling against was -- what? -- 10 or 15 mph?
I guess it is proof of how large and important the bond market is, since the value of existing bonds is affected by these tiny increases in the nominal interest rate.
The Federal Reserve is so gutless. I won't believe interest rates are too high until you stop seeing young men driving expensive pickup trucks, and until the side-by-side motorsports industry collapses. Wouldn't it be wonderful to see interest rates squash the RV industry?
Inflation today, inflation tomorrow...inflation forever. Bill Bonner is right: America is becoming Argentina.