The takeway from today’s Fed meeting was basically:
The Fed statement described a strongly growing economy. Presumably Ms Yellen is sending back reports from Mars, but it doesn’t matter – the message is clear, no resumption of QE for us. Thankfully. We just have to keep the low rates, somehow those are consistent with the strongly growing thing. I don’t understand that part, but it’s OK, the long Treasury is wandering around 2.3% and crude is tanking. I guess the beatings will continue until morale improves.
What is disturbing is that this bubble blog is now in its eleventh year and the succession of Keynesian acolytes running the world’s central banks still haven’t figured out that they are the problem, not the solution.