from Zero Hedge
With gold up 15% since The Fed hiked in December (and stocks lower) and the market pricing a hike today at just 4% (June 53%), it is not surprising that Janet panicced and folded again in the face of “unequivocally good” data based on what The Fed has said it monitors. Of course there were plenty of excuses:
- FED MEDIAN FORECAST IMPLIES TWO 2016 RATE HIKES VS FOUR IN DEC
- FED SAYS GLOBAL ECONOMIC DEVELOPMENTS CONTINUE TO POSE RISKS
- FED LEAVES RATES UNCHANGED AT 0.25%-0.5% AS EXPECTED
- FED: GEORGE DISSENTED IN FAVOR OF A RATE RISE TO 0.5%-0.75%
Not too dovish (upgrade uncertainty), not too hawkish (lowered rate hikes), a goldilocks statement – just a little more inflation and just a little less unemployment and just another month or two of near-ZIRP rates is what it takes for the world to get it all together. We are breathless in anticipation.