The entire financial world would prefer to remain in fetal curl until the Fed acts next Wednesday, but events intrude. Oil prices falling into the $30s presage even less inflation (Fed oblivious), and create unrest in the stock market (and producer nations).
At midday on December 16, the Fed will begin a tightening cycle, raising the overnight cost of money — the Fed funds rate — for the first time since 2004. Finance professionals in their thirties have had no firsthand experience with the event. This will be the ninth such cycle since 1955. The most important thing: how long (oh Lord), how long.