The FED has indicated that the “buck does not stop here.” They are not the leader, yesterday’s dovish statement has them wanting to follow the ECB’s lead. The failure of Ben and company to deliver new accommodation has raised the pressure on Draghi and his fellow cohorts to deliver significant measures today. The FOMC statement does nothing but alters contingency to say it “will closely monitor incoming info and will provide additional accommodation as needed.” In June they were “prepared to take further action as appropriate.” As noted by many, the new language is slightly more definite but less active and based on ... (full story)