Is the Fed Repeating ‘The Mistake of 1937’?

The esteemed brothers and sisters of the Federal Reserve raised interest rates 0.25% yesterday.
It was the fourth rate hike since December 2015… and the third in six months.
Janet Yellen has officially taken to the warpath.
Phoenix Capital:
… the Fed is embarked on a serious tightening cycle. One rate hike can be a fluke. Two rate hikes could even be just policy error. But three rate hikes means the Fed is determined.
But is the Fed repeating ‘the mistake of 1937’?
Stricken by the Crash of ’29, the American economy was climbing out of its sickbed by 1936.
Annual GDP growth – real GDP growth – was rising steadily.
Unemployment was falling, from its 25% high to 14%.
But by 1936 the Federal Reserve grew anxious, anxious that it was incubating inflation… that its previous loose monetary policy had healed enough.
It feared any more could start a fever.

This post was published at Wall Street Examiner on June 15, 2017.