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
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!
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