Carl Kaufman gives the Fed a C+ for their moves this year. Like the embarrassing uncle, the Fed is late to the party with raising rates and may be overstaying their welcome.

The Fed actions in suppressing interest income is like Aesop’s fable where the wind and the sun try to see who can make a man remove his coat. The sun wins because the harder the wind blows the tighter the man holds onto his coat. Similarly, the more the Fed pushes rates lower, the more people save and the less they spend.