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My guess why he says it is that a rate hike will reveal how fragile and dependent on almost free money the economy really is. The pain of a hike in June would really be felt by election time. I don't know if that is true or what the author was considering. Any hike would be tiny and i don't know how widely it would hurt. I suspect that the market has high expectations of a rate hike in the short term and has mostly priced it in but anyone who is already operating on the margin is going to be in trouble.