So the Fed has stated its goal to inflate, but it does not happen in real time. There had to be a reason for the Fed to turn into a dove. That reason was as belabored, an economic turn as reflected in bond yields. Meanwhile, USD is the object of the Fed’s scorn but it is getting a classic flight to liquidity bid post-FOMC, as casino patrons apparently take seriously the Fed’s reasons for rolling over in the first place (i.e. screw the punch bowl).
As to a coming inflation, Doctor Copper is the instructor and today he is providing the friendly advise to have patience as support (which runs down to SMA 50 and as an extreme, the SMA 200) is getting tested. Remember, the all clear on a global macro inflation trade by this indicator is if copper takes out the red line at $3/lb. Click for a larger, clearer view.
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