Cold November Rain

No longer apolitical and here comes the excuse for not hiking in November (let’s put aside our own opinions for a moment and just listen to theirs), Philly Fed President Patrick Harker said while he’s not worried about what happens to “market instability before the election”, “What I’m worried about is, depending on the outcome of the election and what happens after that, if there are policies that would have distortive effects that we would have to respond to, we will have to respond…And I don’t know which way that will go. But we have to, it may be prudent, and I emphasize may be prudent, to wait until we resolve some of that uncertainty.

So now we have a Fed President, albeit non voting, who is saying essentially let’s wait to see who the next President will be before we hike because they may have certain economic policies initiated that we may need to respond to or maybe not but let’s wait anyway.

He then covers all his bases by also saying “If the data comes out that is stronger than I anticipate, and that’s possible, I could possibly support a November increase as well, But I need to let that play out.”