Tomorrow's the big day for the Fed. As I said, expectations are high that the Fed will raise interest rates higher than previously forecast. The market has done its work to embrace the high probability, nearly 90% for a 75 base point increase.
Today, this famous painting, "The Federal Reserve Bank in Flames, Los Angeles Branch", was put up for auction.
Alex Schaefer, the artist, gained fame in 2011 for his paintings of the Too Big to Fail banks on fire. This one of the Fed is his latest in this collection. On why the series resonates with so many people, he wrote: "The root of so many problems in the world today is the money itself, how it's made, who gets it first and where it's spent."
It will be an interesting day to watch what will happen tomorrow at and after 2 PM.
Stay tuned!
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