by Jay Somaney
It’s been almost two years since our Federal Reserve started yapping about raising rates and the impact on equity markets here at home and abroad have been pretty devastating.
Two years ago when the Fed first started warning about raising rates, our markets froze as did global markets. When they finally did raise interest rates last December, our markets and those overseas promptly crashed although the entire plunge took about two months or so to play out, culminating with a whoosh lower this past February.
Before the Federal Reserve hiked rates last December, the Nasdaq, for instance, was trading at slightly over 5100, and that market hit a low of 4212 by February 8 of this year. A drop of 900 points or so a couple of months after the Fed’s asinine interest rate hike which was totally not required.