ONE AND DONE

As sports fans get ready today for the big game, investors should get ready for a one-and-done move later this year.

Last week's Federal Reserve buffet didn't serve up much. The main course featured a larger portion of patience with a dollop of we're doing okay, but a strong dollar, slow global growth and a paucity of inflation is why dessert still consists of icing less cake.

Once again forecasting fell short as the economy clocked in at 2.6% 4Q annual rate of growth, down 0.6% from the 3.2% forecast. In the 3Q  the economy perked along a 5%, much of the slack this time owing to a pullback in business investments despite some signs of a pick up in consumer spending.

Meanwhile, on the geopolitical front which appears at least to be a certain complacency in the energy market, the Bank of Russia cut rates two percent and any quick resolution to the Ukraine situation dimmed considerably as fighting escalated there and talk about more sanctions by the West bandied about.

It's sort of become a popular rendition of don't ask, don't tell. Don't look, don't worry. Editorials in the Financial Times and the Wall Street Journal this past week called  for sending a message to Russia by arming the Kiev government again at what is now not just the rebels but apparently by some reports regular Russian troops. So the possibility of jingoism could grow.

The one and done will be a token raise of interest rates later this year as the Fed tries desperately not to lose investor confidence and assure they have an idea what they're doing. Of course, they don't. Having created this financial maze, they continue to look for an exit that doesn't blow their cover.

Meanwhile, unlike each Super Bowl, the beggar-thy-neighbor war continues and will most likely turn out to be something else than a one-and-done.