The Federal Reserve raised interest rates last week. As I explained many times before, it really had no choice since the financial markets were already raising them.

But here’s the funny thing. The Fed doesn’t have a clue as to what the economy is really doing. Yes, I know that’s been my theme for a long time. But the proof came out again last week.

Days after the Fed rate hike, the New York Federal Reserve Bank lowered its estimate of fourth-quarter gross domestic product growth to just 1.8 percent. And it said the first quarter of 2017 will hit only 1.7 percent.

Both are pathetic growth rates and about 0.7 percent lower than the NY Fed had been predicting.

Here’s the scary part. At the same time the NY Fed was cutting its estimates, the Atlanta Federal Reserve Bank was affirming its own prediction of 2.6 percent growth in the fourth quarter.

Is this any way to run an economy?