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Balanced Fed stands aside from currency wars
In overall terms the main FOMC feature was a lack of controversy and major new talking points with no dissent on the call while the statement and press conference were crafted extremely carefully. In essence, the Fed wanted to show that it could raise rates, partly just to alleviate uncertainty while internal battle will be rejoined next year depending on first-quarter developments. The measured tone and concentration on domestic factors should offer some support to risk appetite and there will be relief that the Fed, for now, has decided against joining the global currency wars. The dollar is vulnerable to position ... (full story)