After 10 years of anemic GDP growth, 7 of which were on president Obama's watch, the Fed has finally decided to hike interest rates. It's curious that the Q3 GDP was downgraded only after the Fed made it's change. That strikes me as deliberate.
What is more striking is that the artificially low rates for so long has indeed created a bubble, and when the rates needed to be higher to clear the wheat from the chaff (say back in 2009) it didn't happen. The interest rate bubble hasn't popped yet, but I don't expect another rate hike any time soon. Maybe they're aiming for a bubble equilibrium.
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