What is making the Fed's interest rate waffling is not the impact of 25 or 50 or even 100 basis points on the real economy.
Rather, the impact is coming from the highly leveraged risk assets like bonds and stocks. A little movement by the Fed is swinging a big stick in the speculatively mispriced markets, creating quite a bit more tail risk than most would be assuming.
Let's see how this all works out.
Have a pleasant evening.
