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High Risk Of 'Buy The Rumor, Sell The (USD) Fact Into FOMC - Deutsche Bank
...It is rare that there is this much smoke without fire. It is very likely the Fed will ditch the ‘considerable time’ reference, but make their intentions as clear as possible and explain that they wish to align policy with the incoming data and not a reference to time. It is likely that market expectations will largely align behind this view BEFORE the meeting and price it in. Shifting Fed expectations is one important reason why the USD has performed so strongly in recent days and it fits with bond and equity price action. There is certainly a serious danger of a ‘buy the rumor sell the (USD) fact’ ... (full story)
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