Treasury Yields Are Rising; The Fed Will Hike 'When Doves Cry'
NEW YORK (TheStreet) -- The voting spots on the Federal Reserve's Federal Open Market Committee have been dominated by doves for too many years. Today, however, the FOMC appears to have a commitment to end quantitative easing following its Oct. 28-29 FOMC meeting.
The message from Main Street to the FOMC comes from the No. 1 smash hit When Doves Cry by Prince. Homeowners and consumers are singing the refrain, "How can u just leave me standing?" "Alone in a word that's so cold?" "Why do we scream at each other?" "This is what it sounds like, when doves cry"
Main Street will be much better off when it hears the doves of the FOMC cry out that first rate hike and banks begin to pay savers higher rates on CDs and money market funds.
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