Following in the footsteps of the ECB, the Fed capitulated today and thereby removed any doubt that 2019 is shaping up to be just like 2010.
The two main takeaways from today are:
- The Fed is no longer anticipating a single rate hike for 2019
- The Fed will completely stop reducing its balance sheet by September
And to the point we've made ad nauseam regarding the illusion of "normalization" and the Fed having things under control, see this from Carl Quintanilla of CNBS and let the magnitude of what he states here sink in. By reading TFMR,...