Call it proclamation of their independence, slamming the Prez, or pure data driven and honest analytical conclusion, interest rates went up.
In a show of defiance, well not really, Fed Chair Jerome Powell surprised us all - with our pants down - and raised the rates for the fourth time this year. While this was promised, market participants had chosen to ignore it and instead focus on what feels good.
The fact that President harassed Powell via Twitter did not help things. Perhaps it was expected that Fed would stick out its middle finger and tell the White House to STFU!
Now, let's take a deep breath. It is done! It is time to go back to the drawing board and devise a plan that makes money with prime rate 0.25 percent higher.
If you want a safe haven then park your money in a 2-year CD. Current rates hover around 2.8%. If you're into roller coasters then invest in instruments that track VIX; i.e. VXX, or supercharged TVIX and UVXY. I am not a fan of gold or treasuries, but if that's your thing then look into GLD and TLT.