Fed Leaves Rates Unch, Kass Sees Possibility of Much Higher Rates in the Statement

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OK, so my excitement for today’s FOMC meeting notwithstanding, today’s statement, on it’s surface, didn’t appear to contain anything new.

That said, TheStreet.com’s Doug Kass, my fave market commentator, has come away with a different perspective on what may have been said between the lines.

8/12/2009 2:48 PM EDT

From my perch, the Fed report suggests that interest rates will rise, perhaps meaningfully.

My brief take — I am trading actively now — is that the message of the Fed report is that interest rates will rise, perhaps meaningfully.

Stated simply, this will this raise the specter of an economic double-dip.

If my response is correct, look for the REITs to reverse lower and hard in the hours and days ahead.

Position: Short IYR

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As of this writing, the major indices are hitting day highs as the US Dollar gave up it’s earlier strength.  Doug may be early or wrong, but it’s too soon to tell – especially in this market!

Sources:

The Edge (RealMoney Silver – $ub req)

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