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The Fed Is Likely to Make an 'Insurance' Rate Cut
With the bond market pricing in at least one interest-rate cut by the Federal Reserve this year, there’s a debate whether such a move would only serve to benefit riskier assets. Federal Reserve Bank of Kansas City President Ester George recently said lower rates might spur asset price bubbles, create financial imbalances and eventually lead to a recession. Perhaps, but the cause-and-effect isn’t that simple. In all likelihood, if the Fed lowers rates well ahead of a recession, then risky assets will probably gain. But if those cuts come too late, then risky assets will suffer through a recession until they see ... (full story)