On the heels of yesterday's market panic over an expected and quite dreaded interest rate hike announcement next week, I hereby submit Barry Ritholtz's very concise take on this topic. It's really just one sentence. When the Fed says it intends to take a "patient" approach to interest rates, you can take this to the bank because they did the same thing in 2004 (and several times before and several times since.) I mentioned that, based on prior Fed statements which have been quite consistent, I did not believe there would be a rate hike announcement next Wednesday but that most investors did not share this opinion. So I was somewhat gratified this morning to read Mr. Ritholtz's column and find that there was at least one other voice out there that did. The following graphic quite convincingly demonstrates that we will both likely be vindicated next Wednesday.
Art Cashin: Fed Actions In 2004 (“Patience”) | The Big Picture
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