US equities caught a rebound today largely on selling exhaustion and weaker than expected ADP employment and economic news in general.
The preoccupation with the Fed interest raise of 25 basis points is almost getting silly. It is largely symbolic, and will have little to no effect on the economy.
It does distract from the real problems of an outsized financial sector, a rapacious one percent that is exerting undue influence on political and fiscal policy, and of course, stagnant wages and underemployment fostering a continuing weakness in aggregate demand.
I do not expect these problems to be address now until there are a major series of events that cause the political leadership to confront reality and take a break from their quest for personal riches beyond their reckoning.
Have a pleasant evening.
