Well, liftoff has officially begun.
Assuming 25 bps doesn’t tip EM into crisis and/or trigger some kind of dramatic, unforeseen meltdown elsewhere, the Fed is about to embark on the first rate hike cycle in over a decade.
Of course the hike itself isn’t what’s interesting – virtually no one thought the Fed would fold again, even as China did its best to create a bit of pre-Yellen drama by stirring up the deval fears with a nod to a new trade-weighted index for the yuan.