The market reacted positively last week to the Federal Reserve mapping out, as much as possible, the trajectory of rate increases moving up from 0-.25% to just under 3% by the end of 2017. There will likely be at least one rate increase this year. 2017 seems to be an eternity in stock market years. The market’s expectation is currently much lower. Such an increase even over a 2.5 year period would have a significant impact on financial asset valuations even if done gradually.

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Market in a Minute 2015-6-23