Will the Fed do something stupid today?

If they go through with a rate hike, it won't be catastrophic. But it will still be really dumb.

What's it going to be, Yellen?
(Image credit: Mark Wilson/Getty Images)

This afternoon, the Federal Reserve will announce what it's doing about interest rates. It's the Fed's last chance to change course this year. And it's their first chance in a while to do something without appearing to interfere with a looming presidential election. So observers widely expect the Fed to hike interest rates.

I've written plenty on why I think that would be a bad call.

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