- Fed’s official statement released yesterday
- Received by the market as hawkish, Fed is still reiterates “patience”
- The statement noted unguarded optimism about the U.S. Economy
- Fed ignored unstable markets, Europe, oil prices and strength of the dollar
- Response: the market sold off and the dollar rallied
- Gold declined on Fed’s expectations
- The Fed’s underlying goal may be to talk the dollar up and talk the markets down
- Strong dollar buys time
- Continued “patience” indicates Fed’s true agenda
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