the Fed had finally begun to raise interest rates: three times in 1999 and then twice more in early 2000, the most sustained round of fiscal tightening over the whole of the late 1990s. And just as suddenly, the language from the Fed had shifted to an open attempt to rein in equity prices. Added to this was the fact that the Internet cheerleaders were changing their tune as well. One by one, Wall Street analysts began advising their clients to lighten up on Internet stocks, saying that the technology sector was “no longer undervalued.”
