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Fed comment : Very dovish Fed

FED – Very dovish text and update from Fed..

Fed backed down on 2016 and 2016 dots and finally acknowledge that employment growth has slowed.

Two charts attached:

Text comparison – note how Fed « holds on » to improvement in GDP despite this being from low level….

Dots….observe how wide Fed is for their internal range of policy rates…

Strategy:
This is good for GOLD – I see 1300 test shortly..
Good for our short USDJPY position and my big overweight 30YR US fixed income shud continue to perform

Equity will not like lower growth and inflation, plus Fed has lost the one Ioata of credibility it had left…..

Fed comment - Very dovish Fed - letter

Fed comment - Very dovish Fed - Fed funds target rate

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