Zero Hedge: “With a 54-0 record without a rate hike (better than Floyd Mayweather’s), and 58 Economisseds expecting no change, 3 a half-pregnant 13bps hike, and 53 expecting a 25bps hike, The Fed was always going to break someone’s heart today. Bond yields and the USD were tumbling into the decision, which appeared correct as The Fed chickened out again…
- **FOMC: NO POLICY CHANGE, 0-0.25% TARGET ‘REMAINS APPROPRIATE’
- **FOMC: GLOBAL ECON,FIN EVENTS ‘MAY RESTRAIN ECON ACTIVITY’
- **FOMC: VOTE 9-1; LACKER DISSENTS, WANTED 25 HIKE
Opinion: After two years of talking the economy up, Janet Yellen was forced to admit that the economy stinks after all. But, just to save face, she kept hopes alive that by year-end, or just 3 months from now, the economy will be much, much better and then they will raise interest rates.
If the Chairwoman wasn’t lying, she is in need of strong medication.
It was Yellen’s predecessor, who in March 2007, said that the housing market was contained. Ben Bernanke then proceeded to print $4 trillion in electronic money to save not only US banks but foreign banks, as the housing market cratered.
Get ready for another round of quantitative easing; the fancy name for counterfeit.