Seven years to the day after the Federal Reserve began its so-called ZIRP – or zero interest rate policy – the Fed’s Open Market Committee, as widely expected, finally voted this week to begin raising interest rates, opting for a modest 25 basis point rise in the federal funds rate. “This action marks the end of an extraordinary seven-year period during which the federal funds rate was held near zero to support the recovery of the economy from the worst financial crisis and recession since the Great Depression,” said Fed chief Janet Yellen. “It also recognizes the considerable progress that has been made toward restoring jobs, raising incomes and easing the economic hardship of millions of Americans. And it reflects the committee’s confidence that the economy will continue to strengthen.” However, the Fed also implied...