Thots on the Fed hike: Hiking with elevated levels of govt debt it is stimulative. Banks get paid more on their reserves, and rentiers get paid more on their T-bills. The net effect is more consumption, especially of financial assets. Even though the Fed stopped RMP purchases in mid-Aug, if you add the banking balance sheet growth, the total of Fed + Banks' assets are growing which creates money. The net effect is an increase of the quantity of money even as its price increases. This is why financial assets will continue to rise.