Not only was there not a policy surprise – you know, in the face of recent commodity strength and those embedded services costs throughout the economy – but the Fed did not even talk tough, which I thought they might do. Maybe Yellen will wobble and speak out of both sides of her mouth at the press conference.
Here is the USD ETF flopping on the non-event.
It actually must be pleasing to have the strength of the Goldilocks currency in their back pocket as they eyeball their Central Banking fellows around the world panicking and trying to devalue in the light of day. The upward hockey stick blade in 2014 loaded the inflation gun for the US Fed as the global deflationary episode worked to the benefit of US policy making. So I guess we can all go back to pretending that there is no inflation problem brewing because the Fed is still at ease. ←Yes, another sarcasm alert there.
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