John Rubino notes that money is fungible, and while the Fed may be tightening slightly China, Japan and the ECB are loosening. How big an impact is it really going to have on the US or global economic system. Japan just replaced two skeptical members of its central with hyper-doves. Draghi reaffirms that the ECB will do whatever it takes. Will Yellen’s next speech be hawkish or dovish. The stock market is betting on dovish.
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