Rates -- and politics -- seem to be stabilizing post-hike

  • The Fed raised the overnight cost of money by 0.25 percent and long-term rates fell slightly. The Fed’s next hike, or the one after that, will bulldoze long rates higher.
  • In her quiet way, Fed Chair Janet Yellen acknowledged for the first time useful and thorough meetings with Treasury Secretary Mnuchin.

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Two broad sets of news this week: the Fed, interest rates and the economy; and a string of deeply reassuring political-economic events. The Fed raised the overnight cost of money by 0.25 percent and long-term rates fell slightly.