With no real surprise to anyone, the Federal Reserve raised rates today by 1/4 point. The stock market didn’t have any big reaction to the increase but with inflation at 8 percent and the most recent producer price index at 10 percent, it was a much needed action to prevent continuous 7 to 10 percent inflation over the next year or two.
As usual, we are still on a holding pattern until we have a major (10% or more) stock market correction to jump into some key positions for our defensive portfolio.
As always stay tuned and stay solvent…