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mt cn seven years to the day that the fed lowered interest rate to zero for the first time it feels like it's finally start rating them again I'm Jonathan Spicer Reuter spreads correspondent and we have learned are quite a bit about %HESITATION monetary policy about wallstreet and about of the world over those seven years we learned just how interconnected all the banks all the fun of the economies are around the world an interest rate hike before the crash was just another high I didn't have a lot of impact on financial markets , everything is different now we have so many excess reserves out there that makes it very difficult for the central bank to , ranch rates off the floor the fed is going %HESITATION so mean against the stream that where where other central banks are are in an easing mode the FedEx trying to start tightening now and it is ricocheting around financial markets it's pushing down currencies Silverstein quite a bit of impact both with financial markets and for people around the world another big change is the U. S. labor market where we've seen the participation rates dropped steadily and also coincides with our the retirement of the baby boomers so what we have now is a is a totally different labor market either just focused on different skill sets and that probably won't be as productive as we've seen in the past , the fed is only expected to raise rates by twenty five basis points now that is a quarter of a percentage is the smallest possible move that the fed could really make but in age a giant leap of our financial markets , there is of course a big risk for the fact that this could all backfire that in fact it moved too early to the economy wasn't ready after this kind of a tightening %HESITATION in the face of a world that is slowing down and the biggest nightmare for the fed would be that it would have to return to zero sometime next year , you will financial stability