None and Done.

The head games continue. Bad is good, good is maybe okay. Great is terrible. Round and round we go.

The upshot, according to Chair Yellen, is that there is little risk in waiting at this point so they didn’t go. Also, there’s some brand new language in the FOMC statement that points to weakness in China / EM as the thing the Fed is most worried about.

The initial reaction had the dollar crushed and everything else – bonds, REITs, oil, stocks, art, venture valuations, thoroughbreds, Manhattan apartments, etc – ripping higher. We love living in a permanent monetary emergency. Oh, and the Vix is now zero.

More later…

 

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