Get Ready for a "Credit Implosion"

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Yesterday's rate hike was only the third since 2006... If [the Fed] raises its key rate, rates across the economy should rise, too. That's bad news for Treasury holders. And yet, Treasurys rallied on the news.

This happened because the Fed sounded "dovish" yesterday. In other words, investors think the Fed could now raise rates more slowly than planned... The Fed painted itself into a corner. It's damned if it raises rates and damned if it doesn't.