*The Federal Reserve of San Francisco put out some excuses yesterday why rates were not raised yet this year.
*Now that inflation and GDP are above their expectations from last year but we are four rate hikes behind schedule, this Fed report has us worried.
*To boot, if the Fed isn't already behind the curve, they stated late Friday they officially plan to be.
*Such a position can mean December's hike will be the first of many. That is negative for stocks.
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