I'm not an economist. I'm a financial entrepreneur. I believe that entitles me to have an opinion on economics. You should just be very careful about caring what I think about the economy.
Most of the real economists I read today suggested that raising rates a quarter point was the right thing to do and that further rate hikes are likely, although they depend on future economic results.
For the record and for what little its worth (because, as I've already said, I am NOT an economist) I think Fed Chairman Greenspan's swan song, a quarter point hike in the Fed Funds rate, was a mistake. Enough already! Uncle!
With housing starts slowing, the GDP slowing and with last year's wage increase the lowest in percentage terms since 1996, I would suggest that there was no need for a rate increase, which only means that the odds of further deceleration in the economy increased today with the superfluous rate increase.
