A top JP Morgan strategist thinks the Fed has 'misunderstood a rate hike's effect on markets'

Mark Norman Francis/Getty As the arbiter of monetary policy for the largest economy in the world, the Federal Reserve is usually thought of as having a pretty solid grasp on all things economic. According to David Kelly, chief global strategist at JP Morgan, however, the way that the Fed is approaching interest rate hikes shows a lack of economic understanding. "I honestly think they have misunderstood a rate hike's effect on the market," he told Business Insider. "They're all smart people and w...