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People could work an average of 1,800-2,000 hours per year until they reach their 50's, taper off to 1,300-1,500 hours in their early 60's, and move toward the 500-1,000 range as they approach 70.
For starters, whereas the 2013 taper tantrum caught markets by surprise, the Fed's intention to hike rates this year, clearly stated over many months, will not.
Unlike the taper tantrum and the devaluation of the renminbi, the Fed's rate-hike announcement on December 16 certainly was no surprise.
And the Federal Reserve has validated this seemingly uplifting scenario by starting to taper its purchases of long-term assets.