Today Fed Chair Janet Yellen said that ‘caution should be advised in raising rates.’
And the markets went off in the ‘risk on’ direction as the dollar slumped, stocks soared, and gold caught a bid as the smell of easy money for the foreseeable future was in the air.
This is nuts.
I suspect that the financial class is celebrating the end of the first quarter, or at least trying to give their fund performance that luster that attracts more investors and bigger bonuses.