Another setback for economic forecasters as this index falls below 50, indicating contraction:

Seems to me the Fed has gotten lost in its own confused rhetoric, but that’s another story.

Point here is fed funds are a quarter point higher which will will make no discernible difference to macroeconomic outcomes, including the Fed’s employment and inflation mandates.

FED RAISES RATES BY 25 BASIS POINTS, FIRST SINCE 2006