By Parke Shall
By now, everybody knows that the Federal Reserve refused to raise interest rates for the sixth consecutive meeting. The FOMC, which laughably once talked about four rate hikes this year, has completely lost its way and given up on any type of clinical application of monetary policy.
We had one or two alarming trading days over the last two weeks that many traders think were the sole cause of the Fed delaying the rate hike. There was strong language from several members of the Fed coming into the month and all of that seemed to change when we had one day two weeks ago where the indices were down over 1%. While we can't prove it, it certainly feels like to us that the Federal Reserve is basing long-term monetary policy that is supposed to be applied clinically on single trading sessions.
It's not just us. Other…
