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Stock market will plunge if Fed doesn’t hike rates in December, predicts ex-Wells Fargo CEO

“If the Federal Reserve doesn’t raise interest rates in December, it could cause turmoil the stock market, former Wells Fargo CEO Dick Kovacevich told CNBC on Thursday” writes Michelle Fox for The central bank has recently come under attack by President Donald Trump, who has repeatedly criticized its decision to raise interest rates.Among other things, he said the Fed has “gone crazy” by continuing to raise rates and has called the central bank his “biggest threat.”. Kovacevich said the Fed “has” to hike rates because it has telegraphed it will do so.If it doesn’t, the markets will plunge because it will seem like the Fed “caved to the president,” he said.

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