The Federal Reserve hiked interest rates for the fifth time since the 2008 recession on Wednesday, but investors should take little stock in the central bank's commentary that accompanied the rate increase.
"You can basically throw out everything from [Wednesday's] meeting," Booth said in an interview with TheStreet.
That's because the makeup of the Federal Reserve will look entirely different in 2018. Jerome Powell is set to succeed Janet Yellen as Chair starting in February. The Federal Reserve Vice Chairman position remains unfilled after Stanley Fischer's resignation in October. Plus, New York Federal Reserve President William Dudley is set to step down in 2018.
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