You can't game the Fed. For weeks on end I heard talking head after talking head spouting that the Federal Reserve Board was about to embark on a string of tightenings to cool down the economy. The Fed watchers had it all figured out. Fed Chairman Alan Greenspan had repeatedly leaked that the rollicking days of a strong economy were over. He was going to put the brakes on the longest peacetime advance with a series of rapid-fire interest-rate hikes that would send the stock market into a tizzy.
And wouldn't you know it, Greenspan was doing nothing of the sort....
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