Fed: U-Turn On A Rate Hike Possibility

Clearly the 400 point decline in the Dow Jones Industrials Index on Friday showed that the market was not really very friendly to the possibility of an interest rate hike, let alone the certainty of one. Just the mere possibility however remote that possibility may be spooked the markets. So the Federal Reserve on Monday had the chance to dial it back. they had three Fed Presidents speaking on Monday and none talked about the possibility of a rate hike. (SPDR Dow Jones Industrial Average ETF (DIA), SPDR Gold Trust ETF (GLD), SPDR S&P 500 Index ETF (SPY), iShares Russell 2000 Index ETF (IWM))

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.