On the day that the Federal Reserve raised interest rates by a half of a percentage point, stocks shot up by about 3 percent. A mere 12 hours later, the party was over.
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The last time the U.S. unemployment rate was this low, Peter, Paul and Mary’s “Leaving on a Jet Plane” was the number one song, “Hello Dolly” was the big holiday movie hit and war continued to rage in Vietnam. In December 1969, the unemployment rate was 3.7 percent and not until this September, has it been as low since.
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