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Like the old Sly and the Family Stone song, The Fed will take us higher.
In terms of interest rates and particularly the 1 month London Interbank Offered Rate (LIBOR). Here is a chart of the 1 month LIBOR rate since the Presidential election on November 8th.
That makes the 1 month LIBOR rate the highest since President Obama became President. The TED spread (1 mo LIBOR – 1 mo government bond yield) has risen above the long-term average.
With the implied probability of a Fed rate hike at the December 14th FOMC meeting, it is no surprise that 1 month LIBOR is rising.
Here is Fed Chair Janet Yellen singing “boom shakalaka, boom shakalaka.”
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