While the Fed's rate hike yesterday (Tuesday) may seem to have diminished reaction to today's (Wednesday's) CPI report, it will nonetheless be important.

While the Fed's rate hike yesterday (Tuesday) may seem to have diminished reaction to today's (Wednesday's) CPI report, it will nonetheless be important,

Corporate profits will likely fall, but remain a large portion of GDP,

Greenspan gave the best rationale yet for higher rates -- and it is one that we agree with. His speech should ruffle no feathers, which leaves the equity market free to move higher and suggests that bearishness on bonds should not be overdone.

Greenspan gave the best rationale yet for higher rates -- and it is one that we agree with, ... His speech should ruffle no feathers, which leaves the equity market free to move higher and suggests that bearishness on bonds should not be overdone.

The Fed will keep raising rates as an insurance policy to prevent unwanted inflation. We haven't seen a tightening of financial conditions.