Possible.
"The Fed may hike rates one time to keep up appearances as they are a political body, then relax rates once again. They did this in 1936 when the US was deleveraging a long term debt cycle. They hiked the discount rate by 0.5% in 1936 then eased until 1940. They could repeat this action again, hiking once, then easing by way of renewed QE, or QE4."
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