Dear Diary,

The big news this week was that the Fed dropped its pledge to be “patient” in raising interest rates.

The Fed wants to get the market used to the idea of higher rates sometime in the not so distant future.

But just so you are clear on how valuable this “forward guidance” is, Fed chief Janet Yellen later told reporters, “Just because we removed the word patientfrom the statement doesn't mean we are going to be impatient.”

Patient and impatient are not the only possibilities. In between is a vast space in which one can get things done, but without being in a hurry about it.

Besides, we can think of many other adjectives that far better describe Yellen's position – fearful, ignorant, conceited, arrogant, trapped…

A Gloomier Outlook

Yellen will keep interest rates ultra-low not because she is patient or impatient, but because she's afraid of what may happen if rates rise.

She knows the outlook for the US economy is getting gloomier. It lowered its forecast for 2015 GDP growth (to between 2.3% and 2.6%). It also lowered its forecast for consumer price inflation. The Fed expects the inflation rate to slow to as low as 1.3% this year.

What would happen to the stock market if the Fed suddenly decided to let savers earn some real yield?

We don't know. Neither does Janet Yellen. But Mr. Market has become accustomed to free money. Like a young adult still living with his parents, he is likely to become indignant if he is suddenly asked to do his own laundry.

And so, the mollycoddling and spoiling of the financial sector continues. The meltdown will have to come later.

Where's Cheap Now?

But yesterday, we promised to tell you where to find value in the investment world. We will not disappoint you.

Long-suffering readers will know that your major investment decision is where to put your money.

As study after study shows, asset allocation, not stock selection, is what determines most of your investment returns.