By Jon S. Strebler
“It’s not the news that matters, it’s how the market reacts to the news.” – Old market adage
Due to weak international markets, it appears less and less likely that the US Fed will raise interest rates this year. The virtual “sure bet” of a rate hike in September, based on a robust US economy, vanished after China devalued its currency in August. That move reinforced the seriousness of China’s economic problems and, unlike what some glib but ignorant US presidential candidates suggest, China’s #2 economy is a very big deal indeed and that country can’t be bossed around to follow our wishes.