Federal Reserve Chair Janet Yellen recently articulated what cannot be done through monetary policy. Investors clearly understand what the central bank can do: lower and raise the price of money. Through its policymaking body, the Federal Open Market Committee (“FOMC”), the Federal Reserve has raised its target range for the federal funds rate three times in the past sixteen months. What are the implications for financial markets and investors as the federal funds rate moves higher and higher? Some perspective can be helpful.