The Fed went a little crazy yesterday. They didn’t want to spook the market, but they did want to say okay we’re not really in a zone that says we are going to endlessly print money any more. Because printing money is what the world has assumed is what can be had for breakfast, lunch and dinner. And any such note would have been disastrous so they had to choose carefully what they would say. The consensus was that they would remove the word “patient” from their outlook. They did. If you ever thought, when you were in school, “what difference does Grammar make?”, then this is your lesson – just one word is what half the world was looking for. But the rest of the statement is basically a scared Fed trying to wriggle out of this crazy position . Everything is leveraged. They know it. The economy is on steroids.… (Read On…)
[via Capital Mind]
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