It’s too soon to say whether yesterday’s Fed announcement will be treated as a non-event, a catastrophe or something in-between. However, my hunch is that the 224-point rally in the Dow was a bit too exuberant, especially if there is more tightening ahead. My guess is the Yellen & Co. will lay low for a while as the markets attempt to fully digest the news. I expect the market to rally into year’s end, and then to start 2016 with a bust.
