Dig deep into the memory bank and recall that the last time the Fed raised rates was on June 29, 2006. How many traders and investors since then have joined the ranks of the financial marketplace who know nothing except zero-interest-rate policies, deflation, falling bond yields and quantitative easing (QE)?

They have never seen a rate hike in their professional lifetimes so it will be interesting to see how they respond to the eventual volley when it comes. It's the mirror image of the greybeards that used to populate the trading desks in the second half of the 1980s, 1990s and early 2000s who only knew about inflation, tight money and bond bear markets -- they also missed the boat.

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