FOMC UPDATE: There you have it, straight from the horses mouth. The DOTS do not count. That means there’s no credence to voting the median path of rate hikes. This was the only semblance of decent forward guidance – and now it’s gone.

Either that or or no-one wants USD because .2 higher in 2019 should have lifted it. It didn’t.  Rates didn’t like it either – 10 year that is.

A new era of NOW has begun, in earnest no doubt, from a rather bright non-economist.

Good luck trading Jay Powell in two months. You’re going to need it.

The sands are shifting ladies and gentlemen so you better not fight it.

Patrick Reid
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