Fed rate rise: keep calm and drink on
It’ll all be over by the time you read this but it’s a big week for markets. Everyone has been waiting with baited breath for the Federal Reserve to get through its two-day meeting and finally put an end to speculation on whether to raise, or not to raise interest rates.
I don’t want to be a party-pooper, but all I can think of when I see the hundreds of headlines on the Fed and read the opinions by various financial bigwigs is that enough is enough.
Sure, the Fed’s decision is important but it is not a matter of life or death (or even taxes). We’ve been playing this will they/won’t they game for years and goodness knows how much ink and paper has been spent by journalists covering the issue.
In matters like this, being an old dog like me comes in handy because there’s not much that can faze me. I’ve lived and survived it all – be it 1987’s Black Monday in the early days of my banking career; the Asian financial crisis at the tail end of the 1990s, the bursting of the dot com bubble, or what is now referred to as the GFC.
Once you have seen one of them, you’ve almost seen them all, and no amount of speculation really helps as you just have to play the cards you’re dealt. So when the decision rolls out at 2am Hong Kong time my advice is to keep calm and drink some Talisker. At least if the news is bad, you can drown your sorrows easily.