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Patient Fed Soothes Jittery Markets
Capital markets are poised to fall silent as the holidays are about to begin in earnest. It’s in hot pursuit of the broad-based risk-on rally that has given U.S. equities their biggest two-day gain of the year. It’s a nice holiday gift to close out the trading season – heartfelt thanks to Federal Reserve Chair Janet Yellen and her fellow policy members at the Fed. Last Wednesday, U.S. policymakers did not change much terminology in their last statement of the year. But slight changes in language have led some investors to judge that the Fed is preparing for the first interest-rate hike next year, and is holding ... (full story)