Federal Reserve

The Fed's rate hike was symbolic.

"In truth there should be very little confidence that a new era has begun. A symbolic 25 basis point credibility-saving gesture, coming just two weeks before year-end, is really a non-event. It’s the equivalent of a credibility Hail Mary, with the Fed desperately trying to infuse confidence into a “recovery” that for all practical purposes has already ended."

Some predicted that rate hike would cause stocks to fall, so in that sense, the Fed was vindicated. Of course, they control the banks who control the stock market, so this is really no victory.