Is the Fed Done?

Commentary The sentiment sweeping across markets is that the Federal Reserve is done raising rates and that inflation is tamed. Since Oct. 13, we have seen a surge in the stock market. The "Santa Claus rally," indeed, is in full swing. I think it’s a bit of what former Fed chairman Alan Greenspan might have called, “irrational exuberance.” If you were paying attention in the mid-1990s, that expression should give you a chuckle. I do think the market is a bit ahead of itself. One thing drawing buyers in is the fact that in presidential election years, markets are almost always higher on Dec. 31 than they were on Jan. 1. I think that…