The week in financial markets: 5-ring circus ahead

We can hope that the tax bill was so badly crafted that it does not stimulate, but rather just lines the pockets of the lucky

The big show is Wednesday, the Fed. It will increase the overnight cost of money from 1.75 percent to 2.00 percent, taking “prime” to 5.00 percent for the first time since 2008. The big question for housing: will long-term rates also rise 0.25 percent, putting mortgages astride 5.00 percent?