You are right, I think that if the feds want to encourage investment, it should give a "signal" that there is no advantage (lower rates) in delaying projects since rates are coming up. The real cost of money will change very little until the short term rates gets back to around 2.5% IMTO, but the psychological impact might be that people believe a recovery is coming and create a self fulfilling prophecy. If real trouble looms, then at least the fed will have rates high enough so that they can lower them (tautology? yes).
Zeev
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