"Fed Raises Rates" says the headlines in the mainstream press. Nothing could be more nonsensical. All the rates that matter -- mortgage rates, the yield on the ten year treasury, and others -- are at their lows and have moved dramatically lower since "the Fed raised rates."
So how does the financial press explain itself. The answer is that they don't bother. Articles about the Fed are typically strongly worded expressions about the future of the macro economy that bear no resemblance to what later transpires.
Not to say that rates might not rise at some point in time, but that will have nothing to do with anything going on at the Fed.
The Fed should be replaced with a simple monetary rule. It hardly matters which rule. Nothing could be worse than the record of Federal Reserve policies since Paul Volcker stepped down as Fed Chairman in 1987.
Macroeconomics has become more "witchcraft" mixed in with political opinions. See Krugman, Yellen and Stiglitz for a flavor of the current state of macroeconomics. It is utter nonsense with zero relevance to any economy in the modern world.