The Federal Reserve turns on a dime. I wish that rates were lower as they pursue a hifher inflation target than 2%/year, but they appear to have decided that they, after all, really o not wish to invert the yield curve. That makes this a brighter day then I had expected. Tim Duy: Setting The Doves Free: "The statement was more dovish than I anticipated; I did not think they would want to take rate hikes off the table to this degree. I forgot that the Fed often turns their story later than I think they should, but when they turn, they turn quickly.... The Fed believes they will maintain a larger than expected balance sheet.... The bar for raising rates seems high now and apparently hinges on the inflation boogeyman to finally show his face.... This sounds like the rate hike cycle is over–or largely over–as long as the economy eases as expected...


#noted

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