Fed interest rates are about to go up for the first time in nine years.
U.S. Federal Reserve Chairwoman Janet Yellen has hinted for months that the central bank finally is ready to raise interest rates above zero for the first time since late 2008.
"I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate," Yellen said in a July speech in Cleveland.
U.S. markets will react as new Fed interest rates are decided, Money Morning Capital Wave Strategist Shah Gilani explained on Aug. 7. "Investors could panic. Because we're so close to all-time highs, any dip could turn into a sell-off as investors rush to book their paper profits."
Watch the following video for Gilani's prediction on the timing of a rate hike, plus get his profit-taking strategy than any investor can use to cash in when Fed interest rates climb
Should We Abolish the Fed? Millions of Americans assume the Fed acts in the nation's best interest and that our nation has always had a Fed. But the central bank's original, century-old purpose no longer applies to modern-day markets. Far worse than that, the Fed's actions have actually damaged the U.S. economy…