Donald L. Luskin

It was the high water mark of inflation expectations and carry trades -- but it's a mistake to think it's going to roll the economy over.

The worst thing the Fed could do now is to repeat Greenspan's 1987 mistake.

Some macroeconomic variables are parallel to 1987, but markets are totally perpendicular.

Now stocks have to worry about a Democratic House, and a Fed that is "putting uphill.