Sep 28/15 – Repeat after me – ‘rate hikes are not positive for risk assets’

Last Thursday after the markets closed, Fed Chairwoman Janet Yellen made a speech that reassured markets the FOMC committee was on a path to raise rates in 2015.

Given the highly uncertain nature of the outlook, one might ask: Why not hold off raising the federal funds rate until the economy has reached full employment and inflation is actually back at 2…