The FOMC meeting was a snoozer as expected.
They will likely raise 25 bp in December. And the meetings in 2019 will be rife with speculation about how far the Fed will go in raising rates to get off the zero bound and give themselves some policy room to cut rates when their latest financial asset bubble implodes.
Oh yeah, this is just that kind of cynical exercise. Why should it be any different from the last two or three asset bubbles?
A lot of this depends on how ‘real’ and ‘sustainable’ this wonderfully strong economy will be. The financial talking heads are gushing. Me, not so much.
Gold and silver were a lower on a strong Dollar. Don’t look for simple reasons in short-term forex moves. They are worse than equities.
Stocks were off a bit after the big gains of the last few days.
Have a pleasant evening.
