It's not just the rate hike.
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It was a quarter of a point. There are other problems that amplify the rate hike beyond what it would ordinarily be. The government may be shut down, and how and when it would be opened up again is anybody’s guess. The economy was already trending downward when the rate hike came. Foreign currencies are falling against the dollar, hurting foreign markets and US investments that diversify by buying foreign stocks. It also hurts our agricultural sector, which already took a big hit in the Trump Trade War. The Trump Chaos is creating a pessimistic mood in the country as a whole. Just wait until the holiday spending numbers come in and they show loss of consumer confidence. This could go on for a while. As Roseanne Rosannadana says, “If it’s not one thing, it’s something else!”