The Federal Reserve made its much-anticipated move yesterday, nudging up the key interest rate by a quarter point.Peter Schiff did an interview with The Hard Line on Newsmax TV a short time later, reiterating what he was saying before the Fed’s announcement – the rate hike does not indicate confidence in the US economy.In fact, Peter argued the economy is about to enter into another recession, and may in fact already be in the early stages of a downturn:
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The Fed appears to be skipping merrily toward an interest rate hike this afternoon, which is supposed to signal that the US economy has recovered. But as Peter Schiff has been pointing out relentlessly on his Facebook page, the actual economic data tells a completely different story. In fact, the economy isn’t nearly as good as advertised.This is precisely why Peter and many other economists say they don’t think interest rates will stay above zero for very long, even if the Fed does indeed go forward with a hike.Here are just a few of the warning signs over the last week or so.