Reality Or Pixie-Dust?

So, the Fed has opted to abandon the real US economy for the Tinkerbell and pixie-dust delusions of the Wall Street markets by raising official interest rates overnight.

The move was not justified, being merely a face-saver after so many months of ‘will we, won’t we’ dithering.

This post inspired by: Federal Reserve announces first rise in US interest rates since 2006

Now we wait for the fallout.  No, not the immediate reaction of the markets.  Nothing can be read into anything that happens on that particular roller-coaster fun ride.  But what happens in the real economy over the next few months.  Even yesterday there were commenters questioning how long it would take the rate to fall back to zero again.