Two weeks ago the Fed met and, unsurprisingly, gave no indication that a rate rise was is the offing; inflation is too weak. Instead, the Fed strongly suggested they will commence reducing their holdings of long-dated debt following their meeting in mid-September. If, however, there’s a congressional standoff over raising the debt ceiling (imagine that), the Fed will delay the start of its asset sales to prevent roiling financial markets.

Elliot F. Eisenberg,

Ph.D. GraphsandLaughs, LLC