New Delhi, Sept. 22 -- Almost everyone was expecting the Federal Reserve to raise interest rates this month. What is less clear is how high those rates will go. Either way, investors shouldn't let that keep them up at night.

When the Fed raised interest rates for the first time in three years, from 3.75% to 4%, at the conclusion of the Federal Open Market Committee meeting last week, the move seemed a foregone conclusion. After all, the job market has been relatively stable, while the ongoing Iran war is just the latest fuel for the inflation fire. In that scenario, it's obvious which aspect of the central bank's dual mandate-maximum employment and price stability-takes precedence.

"A booming nominal economy, i.e. resilient real growth ...