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Markets Are Now Beyond The Control Of The Fed
Via Scotiabank's Guy Haselmann,
The Fed has purposefully tried to engineer a later lift-off beyond what it normally should have been -- due to the extent of the crisis. However, they risk losing credibility as the market is questioning just how behind the curve they are. A growing group of investors is worried that the Fed is blind to the aggregating risks to financial instability.
The interesting contradiction is that the market believes the Fed should have tightened already, yet interest rate futures have priced “lift-off” probabilities beyond September. This incongruity in interest rate futures stems from the market’s perception that the majority of FOMC members are Doves who rely too much on models and will thus stay accommodative. The ZLB simply does not afford the Fed the option of rising too soon or they believe they will undo much of the progress that they made (and would have no bullets to fix that mistake).
Unfortunately, Fed models are incapable of measuring extent and costs of financial instability – something Mester admitted and emphasized last week.
The FOMC likely recognizes that there will be a ‘market reaction’ when rate “lift-off” finally arrives, but there are many (including myself) who believe the Fed is under-estimating the degree of that ‘market reaction’. Fed worries are suppressed, because they believe they have “macro-prudential” tools: a talking point that few in the market have understanding what it really means. Regardless, those tools do not prevent market disruptions, but merely help to pick up the pieces once the market’s reaction gets bad enough.
The front end of the bond curve needs to price in a Fed that likely to hike in June. This is occurring (after today’ employment report) and thus shrinking the divergence between the Fed warning about June “lift-off” and the markets skepticism.
The curve is steepening today as long maturities are battling between two cross winds (explained in a moment). Yet, the upward pressure on long yields could be short lived to this week and early next (supply), while the downward pressure on yields may be a slower moving and on-going theme.
Yields are being pressured higher by a historically large corporate issuance calendar (above $60 billion this week alone) and the perception that the Fed is behind the curve -- particularly after the ECB’s action and numerous other global central bank easing moves in 2015.
On the other hand, yields are being kept lower than they would otherwise be, due to low global bond yields and an appreciating US dollar trend which makes Treasuries very attractive to foreigners on a relative basis. In addition, yields are low due to hoarding of long-date securities by central banks which is creating a shortage of high-quality highly-rated sovereign bonds. Regulatory rules have also required banks to hold more of them. Therefore, it is difficult to price the value of long-dated Treasuries when they have qualities of a commodity whose demand is arguably greater than the supply.
I still like the flattener and believe the market is providing an opportunity to get into the trade at better levels (than recent levels). I like the flattener in Europe (even more than in US). I believe several 2’s 10’s curves in the EU are likely to go to ZERO. The CB’s implementing ECB QE will want to buy positive yielding securities. Even though the cap is -0.20%, they are unlikely to buy negative securities. As the shortage of willing sellers gets scarcer, I believe rates will attempt to grind toward 0%. German 2’s yield -0.21% (below the cap), while 10’s yield 0.0.34%. I can envision this curve at zero even as economic data in Europe is better than expectations. A flattening curve in Europe would place flattening pressure on the US curve as well.
* * *
On a separate note there is another factor that may arise going forward. During the last several years of uber-accommodation by the Fed, both stock and bond prices rose. It would not be surprising if both fell in price as the Fed proceeds with a June “lift-off”. However, stocks might be the worse of the two performers. I expect rising market turbulent and expect a terminal fed funds rate of only 0.75%-1.00% into mid-2016. The Feds balance sheet has $400 billion of maturities to deal with in early 2016 which the market place is not paying enough attention to. I believe the Fed will want to allow as much of this as possible to roll off (i.e. the balance sheet will shrink). The decline in the Feds balance sheet is a defacto tightening. The Fed may be reluctant to do both, i.e. hike, while also allowing the balance sheet to shrink too quickly. They could hike and do some re-investment, but it may be strange re-invest a large portion at the same time that they are hiking. I believe market turmoil and balance sheet maturities will cause a period of (hike) pauses in 2016. If this is true, Treasury market yields may not rise as high as some pundits are warning.
In a sense, markets are now beyond the control of the Fed. They were able to change investor behavior for a few years, but the herd mentality is now becoming dislodged: “lift-off” could possibly cause a steep reversal. I expect SPX to dip below 2000 by the time of the March 18th Fed Meeting. A ‘market reaction’ to pivoting policy is likely expected by the Fed, but SPX at 2000 would not enough to change its actions. How investors and asset allocators behave is the question.
Moreover, for stocks, rising bond yields will end the conversation about multiple expansion in US equities. Higher yields will also slow share buybacks, as corporate issuance to fund buybacks will dissipate. The shift in rate hike expectations is also accelerating the bid in the USD which will hit corporate earnings. Therefore, while equity prices and short maturity bonds prices could both fall, if the decline in equities falls too far too fast, then there would likely be flows into Treasuries until equities stabilize.
I expect the Fed to tighten in June and the Treasury curve to flatten. Carry and rolldown, relative yield attractiveness, the effects of ECB QE and the various other factors outline above and in prior notes will provide underlying support for Treasury prices. Should equities tumble too far too fast, all Treasuries yields across the curve would fall (and maybe materially) from today’s current prices.
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We'll see. Lot's of folks have been burned thinking that to be the case. Lot's of really smart people.
There are no markets, there is only the Fed and it's minions. The idea that one loses control of a bomb is to ignore the fact it was made to explode.
The Fed is never out of control. When they lose control like they did in 2008, they hit their magic Pause button and get a do-over.
Completely agree with you NA... this was all done on purpose, they just need the black swan event (i.e. "lighting of the fuse") to materialize for them to blame the crash on. My bet is on an "unforeseen" Greek default.
THe biggest bunch of bullshit ever spewed upon the market.
"now that we own and control the whole fucking bitch, we can't do nuttin""
My aching asshole, yeah baby, my aching asshole.
I love it when a company that has a zero read negative PE and buys back stawk at all time highs.
Add to the list to short.
"Markets Are Now Beyond The Control Of The Fed"
This is all bullshit. As recent history has proven to us... as long as "The Fed" (as the world's reserve currency) is allowed to QE us out of any monetary crises, the markets are well within their control. They will lose control once the other sap countries of the world stop buying US Treasuries and drop the dollar as the trading vehicle betwixt themselves.
Just remember... when this shit finally DOES hit the fan - to hold accountable the very usurers who will try to inflict yet another scam system upon us for the next cycle. It will only stop when we stop them.
February set a new record for share buybacks. US corporations spent a staggering $5 billion a day on their own shares. That brings the tally to $2 trillion since the bottom in US stocks in 2009 – or about 10% of the total value of the S&P 500.
wrong now there is the BOC, BOE, BOJ all printing themselves to death along with the FED....this will be a lesson in stupidity for a thousand years!
Isn't the Fed it's own minyan - I mean, minion...?
No markets left... just algo's and interventions.
Still waiting to break out my Dow 2K hats. You read that right.
Picked up a couple hundred ounces of silver today while it's still on sale. Can't wait to break out my $100/ounce hat.
rising bond yields, lulz
I think the Fed will have lost control when one of its bigwigs tries to soothe the markets and the reaction is panic. When will that be?
Tuesday.
Saturday.
Saturday, OK.
Which specific Saturday are you referring to?
Yes.
Roll out the Bullard.
Good question sir. So far the markets have reacted lock and step to the Feds music. Right down to the point of Janet Yellen initiating a small correction in tech stocks last year. Looks to me like the Fed has built a good deal of trust thus far. There is hype around the possibility of a market over-reaction, but I think it's important to remember that the "club" is becoming more consolidated and therefor influential as this unfolds. The idea seems to be that if they continue to choreograph the plan ahead of time it will give the market an opportunity to "price it in".
What I would be looking for, as far as trading signals go, is for the Fed to comtinue to discourage/ encourage the markets with increasing volatility up to the announcement. 5-7% perhaps. Once the rate increase is set into effect it will be interesting to see if the bull market continues, or if there is a fundamental correction.
But, IMO, there will be no crash on the Feds guidance.
Greenspan came on CNBC to put a stop to this frothy market.
They'll take to where they think it should be. Gone up too fast. Their probably concerned that when they do lose control it'll be from much higher.
Watch what happens to JGB's over the next (2) weeks Tyler. People don't understand liquidity/ obligations.( 60% of the JGB market is foreign owned.)
I can see how a central bank would/could own their bond market, *caugh *caugh The Fed.
The BoJ is not a reserve currency, and even it's largest bond holders are moving offshore. The BoJ is losing control"faith" in it's ability to pay back 50 basis points over 10 years and face value on the coupon?
Inflation happens in the most unusual ways.
Yen: what do you expect to happen. I say yen craters as the economy sucks, demographics suck, natural resources suck and worst of all, Japan deployed all of its historical trade surpluses into financial assets (unlike China which loaded up on gold and natural resources). I think Japan is the trigger for the accumulated/derived fractional reserve banking phantom financial claims on real flows of value to implode... The financial asset ponzi to unwind and BIG currency moves (through gold).
The ust 10 yen correlation, is alive and strong.. I'm shorting usd/jpy next week.
Keep it simple. Derivatives are loans on "future debt".
The BoJ controls, not owns the JGB market. In order for soverign debt to parlay lower yields, it requires demand.
You can buy all your debt, but you're exports are worthless. You're currency is backed by exports.
Imports are productivity subtracted from output.
I build 12 assholes a week and sell 3 of them.(democrates) It costs me 4 assholes to build 3 assholes a week(republicans)
Hence the deficite?
Understandable Yen, but what of controlled demolitions? It seems to me a quick move to the downside is capable of providing liquidity when needed. What kind of checks are in place to prevent a continuous recycling of electronic numbers? When the other option is complete mayhem and natural market forces, there seems to be a good deal of incentive for creative accounting here. The general public has been pretty receptive so far...
Just wake me when I can buy a new NSX for around $2k please.....
can't understand why they're continually referred to, even in ZH subject headlines as "markets" . nothin' could be farther from the case.
let's just call it kabuki!
Auto loans for stawks....git ya auto loans to buy stawks here...step right up....
Will we see a 0.25% uptick in the Fed overnight in 3 months or 12 months? Trillions of dollars hang in the ballance!
Perhaps there's an unhealthy amount of leverage in the financial system? Maybe?
Forget the good 5 cent cigar; what this country needs is a slew of exciting and innovative new financial products.
There is a lot wrong with this article. Someone at Scotiabank needs to teach this guy a thing or two. First of all, just the basics - there is NO way in hell the Fed is raising rates in June. Maybe a rational, non-politicized Fed, but has he seen the makeup of the voting members? Hell, even the so called "hawks" wouldn't vote to take out one little word last time. They are terrified of a market crash. And he doesn't think bonds and stocks are likely to go down at the same time LOL. Look at today - dollar explodes higher, bonds way down, stocks way down. Why? Because at even the hint that the Fed might raise people start moving money here for 0.25% money market funds, but the life support is out of the bond market and the rising dollar is going to kill earnings. The Fed is in a box alright, but likely this is the start of the dollar taking over not just as the reserve currency, but the only one
Distorted monetary (and foreign) policies are going to come back and bite the U.S. economy in asymetric ways that 'no one could have ever saw coming'...
Well, people have been saying that since the 70's at least. We'll see - but when you are running from a bear you don't have to be fast, you just have to be faster than the other guy. Europe, Japan, China, South America, Africa, etc... all have bigger problems than the US economically. The dollar is more in demand than it has been in a long, long time. Would you rather have a Yen, Remnibi or Euro? (and I'm just talking fiat here). Yes, the US is going to have (has) huge problems, but that won't stop the dollar from taking over - it's sure not going to be the BRICS bank ZH trumpets lol
Same as it ever was.
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
- Hayek
"There is no harm in being sometimes wrong - especially if one is promptly found out."
-Keynes
From the article "Treasuries very attractive to foreigners on a relative basis. " Not only Belgium, but megabanks are using intra-bank loans from offshore to their US offices. Offshore dollar denominated loans will suffer as the dollar continues to rise, and the offshore supply of dollars decreases. Across the board selling today, pretty much anything that could be converted to dollars was sold. If the fed acts, it won't be to raise rates, but to increase currency swaps with other CBs.
Well if everything is okay let's audit the Fed and bring back mark to market accounting for the big banks. This reality should verify what the truth really is people.
Bullardish
Bottom line, taxpayers will pay.
One often hears New Dealers and other
statists boast about the way government “baled business out” with
the Reconstruction Finance Corporation, the Home Owners Loan
Corporation, and other government agencies in 1932 and later. But the
government can give no financial help to business that it does not first
or finally take from business. The government’s funds all come from
taxes. Even the much vaunted “government credit” rests on the
assumption that its loans will ultimately be repaid out of the proceeds
of taxes. When the government makes loans or subsidies to business,
what it does is to tax successful private business in order to support
unsuccessful private business. Under certain emergency circumstances
there may be a plausible argument for this, the merits of which we need
not examine here. But in the long run it does not sound like a paying
proposition from the standpoint of the country as a whole. And experience
has shown that it isn’t.
Henry Hazlitt, Economcs in One Lesson, 1946
Free PDF of the best book on economics I've ever read (and I've read The Wealth of Nations):
Economics in One Lesson - Mises Institute
"Bottom line, taxpayers will pay."
Speak for yourself, please...
One more:
Like every other tax, inflation acts to determine the individual and
business policies we are all forced to follow. It discourages all prudence
and thrift. It encourages squandering, gambling, reckless waste
of all kinds. It often makes it more profitable to speculate than to produce.
It tears apart the whole fabric of stable economic relationships.
Its inexcusable injustices drive men toward desperate remedies. It
plants the seeds of fascism and communism. It leads men to demand
totalitarian controls. It ends invariably in bitter disillusion and collapse.
Henry Hazlitt, Economics in One Lesson, Chapter 22 (1946)
Economics in One Lesson - Mises Institute
Do the "markets" made of tens of millions of individuals with significant assets, and money managers for tens of thousands of institutions, holding even more assets, EVER become more influential than the system of the international banksters, whose single most significant institution is the Federal Reserve Board?
I would rephrase that as being: Do the biggest gangs of organized criminals ever lose control over the systems that they made and maintained. I believe that the answer is YES! The fundamental problem is that enforcing frauds NEVER makes those frauds stop being false!
OF COURSE, ONE WOULD EXPECT THAT SOMEONE WORKING FOR THE SCOTIABANK, WOULD PROVIDE RIDICULOUSLY SUPERFICIAL OPINIONS REGARDING "Markets Are Now Beyond The Control Of The Fed." ... Globalized systems of electronic monkey money frauds, backed by the threat of force from apes with atomic bombs, are so extremely OUT OF CONTROL, that it is impossible to imagine how far "Beyond The Control Of The Fed" that is!
In that context, I will REPEAT this:
http://www.zerohedge.com/news/2015-03-05/qe-inventor-it’s-easy-create-full-blown-recovery-central-banks-chose-make-banksters-
QE Inventor: It’s EASY to Create a Full-Blown Recovery, But Central Banks Chose to Make Banksters Rich Instead ...
The article I linked above is nice enough theory ... However, it appears to me to quite naive not to perceive the degree to which the government and political economy of the USA (as well as most of the rest of world) is dominated by the best organized criminal gangs, which are preponderantly staffed by some particular cultural groups. It is difficult to publicly discuss these kinds of problems, because there are no generally understood labels for a political economy controlled by the best organized gangs of criminals, which have effectively captured control over the powers of governments.
Those groups were able to persistently apply the methods of organized crime through the political processes. Their main achievement was to create a system in which they CAN LEGALLY COUNTERFEIT THE PUBLIC "MONEY" SUPPLY. They were then able to ratchet that achievement up and UP, to reinvest the profits from fraud in more frauds, expanding their ability to dominate all political and social institutions through being able to dominate the funding of those institutions, which included the school systems and mass media.
That has resulted in the established systems being almost nothing but a core of organized crime, surrounded by layers of controlled opposition. The basic systems were debt slavery, backed by wars based on deceits, which automatically got worse, faster. The most important feature is that the frauds of privately controlled banks being able to make the public "money" supply out of nothing, as debts for everyone else, was enforced by governments, because those governments had become almost totally political puppets, performing for muppets, due to the long history of bribery, intimidation, and assassinations of those who could not be otherwise bribed or intimidated.
Those enforced frauds enabled the pattern of economic bubbles to be blown and pop, over and over again. That kind of bubble economics was driven by the power of the people who control the public "money" supply, by them being able to make that out of nothing, as a tiny group which could agree among themselves to create overall more money out of nothing, which blows up the economic bubbles, or agree to create less money out of nothing, which causes those bubbles to pop. Those insiders can routinely benefit from knowing when the bubbles will be blown, and when they will pop, because they control the public "supply," as government enforced banksters' frauds, or the legalized counterfeiting of that public "money" supply.
I REPEAT, the ability to make the public "money" supply out of nothing as debts was achieved by the best organized gangs of criminals, being able to apply the methods of organized crime to the political processes. the article above under the byline of George Washington is theoretically O.K., on its own level of analysis, but otherwise is naive to not face the social facts regarding how the established systems are actually operating around a core of organized crime, surrounded by controlled opposition groups.
Anyone who is able and willing to do enough research will discover the pattern of social facts regarding who were the best organized gangs of criminals. In that light, I recommend this video, for its recital of the historical facts. While I find its philosophical presumptions to be typically superficial bullshit, its statement of historical facts is worthwhile considering nonetheless:
http://www.youtube.com/watch?v=8TsYBuw6rko
Prepare - We are at the Verge of Collapse Says Jonathan Cahn Author of Mystery of the Shemitah
Jonathan Cahn discusses the extraordinary strong correlations between the American economic "business cycles," which is the euphemistical description of bubble economics, which were really due to the banksters being able to control the public "money" supply, as I outlined above. I believe that one can understand how and why the political economy of the USA has been closely following the patterns of the Hebrew calendar by facing the facts regarding which cultural groups have been able to seize control over the public "money" supply. Those patterns were self-fulfilling prophesies, due to who were the best organized gangs of criminals, that were able to control the American political economy, as well as most of the rest of the world. After one faces those central social facts, then the article above by George Washington, while superficially correct, does NOT address the deeper levels of the real problems.
That video, I linked above, starting at about its 18:23 minute mark, also mentions some interesting historical facts regarding the first official meetings of President George Washington, which are more of the historical facts that are worth reconsidering, in light of the symbolic significance of the events on 9/11/2001, which, so far, were the most spectacular symbol of how the actual American system is based on a core of organized crime, surrounded by controlled opposition groups.
In my view, it is NOT possible to understand the American economic problems if one does not face more of the radical 9/11 Truths. It is my opinion that the events on 9/11/2001 were an inside job, false flag attack, which were probably done by Zionists in order to blame on Muslims. It was possible to cover that up, and promote the huge lies about 9/11, because the same interconnected gangs of related organized criminals also were able to dominate the official investigations of those events, and to present the official story of those events through the mass media.
The American Dollar and American Military have become State Religions, manifesting as combined money/murder systems. The American monetary system is based on the maximum possible frauds, while the American national security system is based upon the maximum possible deceits. That is the REAL context that one should consider regarding what Quantitative Easing was supposed to do, versus what it actually did. Furthermore, in my view, it is NOT possible to come up with any remotely close to realistic resolutions of those political problems unless one understands on a deeper level how and why civilization operates according to the principles and methods of organized crime. That issue goes far beyond the more superficial issues regarding who, or which particular cultural groups, happen to be the best organized gangs of criminals, that are able to dominate the governments, as the biggest form of organized crime, from time to time, in different places.
The article with the byline of George Washington above presents what I regard as a typical kind of superficiality, based on false fundamental dichotomies, and related impossible ideals, about how the political economy ought to be operated, compared to how it actually operates. That is naive on two different levels. First, it seems to me to be naive to not face the social facts about who has the power to create the public "money" supply out of nothing, and what that power enables them to do. Second, there is another level of being much more profoundly naive about how the political economy necessarily fits inside of the human ecology.
The basic facts are that money is measurement backed by murder. It is NOT possible for that to be changed. The existing monetary systems are controlled by the best organized gangs of criminals, which effectively control the powers of government, because they actually did the kinds of discrediting backed by destruction required to control the opposition, plus the bribery and other kinds of funding of those who would do what they were told to do, so that their established systems of organized crime would end up being surrounded by almost nothing else but controlled opposition groups.
By default, articles like the one published under the byline of George Washington end up being another manifestation of controlled opposition. Of course, I sympathize with that because the vast majority of readers could not understand anything else, because they would not want to understand anything else. However, that means that the established systems of organized crime, surrounded by controlled opposition, have become runaway criminal insanities, because there is practically no effective opposition to organize resistance against that.
Various views, such as indicated at a fairly frequent rate of comments posted on Zero Hedge, from those who do recognize and state some of the social facts that I have stated above also continue to promote bogus "solutions" to those problems, which continue to be impossible to actually implement, since those bogus "solutions" also continue to stay within the same frame of reference of wanting to believe in false fundamental dichotomies and the related impossible ideals. On the contrary, to more fully understand the role of Quantitative Easing in the American, and global, political economy, one has to address the deeper reasons how and why the biggest gangsters are the banksters, that were able to capture control over the powers of governments, through the persistent and prolonged application of the methods of organized crime. Such deeper levels of analyses of those problems leads to the recognition that the ONLY theoretically viable solutions MUST be better organized crime, which explicitly requires better death controls to back up better debt controls.
The current social situations are that our actual human ecology operates through the maximum possible deceits, while inside of that context the actual political economy operates through the maximum possible frauds. By and large, most of the controlled opposition groups, who somewhat reveal some of the levels of those social facts, continue to persist in thinking using DUALITIES, rather than UNITARY MECHANISMS, and therefore, continue to promote bogus "solutions" to those problems, within the same old-fashioned frame of references, based on presuming false fundamental dichotomies, and the related impossible ideals.
The deeper levels of truth are that civilization necessarily operates according to the principles and methods of organized crime, because human civilization necessarily operates as entropic pumping of energy flows, which is deliberately misunderstood in the maximum possible backward ways, due to the biggest bullies' bullshit social stories being able to promote the DUALITIES of false fundamental dichotomies, and the related impossible ideals. The actual realities are those of human beings and human civilizations operating as general energy systems, within the context of infinitely greater general energy systems, through UNITARY MECHANISMS. However, the dominant social stories about that are the biggest bullies' bullshit, which is, in the currently existing form of civilization, the banksters' bullshit.
Quantitative Easing is the manifestation of the banksters' bullshit. Of course, the dominate banksters are the best available professional liars and immaculate hypocrites, who actually do the opposite of what they say they are doing. That is normally the case, since civilization is operating as systems of organized crime, surrounded by controlled opposition groups. Tragically, that is automatically getting worse, faster, because there is practically no successful and surviving effective opposition, able to organize better resistance, because there is almost no opposition that is able and willing to go through enough paradigm shifting in their perceptions of politics to accept and address how and why civilization must necessarily operate according to the principles and methods of organized crime, in which the death control systems are the central, crucial controls, upon which everything else depends.
The degree to which the history of warfare was most socially successful when done through the maximum possible deceits and treacheries is how and why we ended up with a political economy based on the maximum possible enforced frauds, within which context the series of Quantitative Easings have been manifesting. By and large, one cannot expect any widely disseminated article to not be some form of controlled opposition. Articles written under the byline of George Washington tend to push the boundaries of envelope of that as much as possible, however, that is not very far, given that the vast majority of people do not understand any more radical truths, because they do not want to understand those.
The basic social system is that most people do not fully recognize the social facts that what actually exists is organized crime surrounded by controlled opposition. Furthermore, those few who do recognize the social facts regarding how the political economy is based on governments enforcing the frauds of private banks, as the expression of runaway triumphant organized crime, mostly continue to recommend bogus "solutions" which do not accept how and why those must necessarily be the social facts.
As long as not enough people go through enough of a paradigm shift to understand that better government must necessarily be better organized crime, then we will continue to have government deteriorate into worse criminal insanities, due to their final failures which result from too much success at controlling civilization through being able to enforce frauds, which overall drive that society as a whole to become too psychotic. The deeper levels of these problems are that there must necessarily be some death control systems, which are central to human ecology, within which exists any possible political economy, however, the existing systems are based on the history of tho most socially successful forms of that being done through the maximum possible deceits and treacheries.
Hence, the best organized gangsters, the banksters, are controlling the public "money" supply, which has more recently been manifesting as the series of events which have euphemistically be called Quantitative Easing, which have, of course, done the opposite in the real world to everything that the banksters' bullshit was saying about that. However, the level of the analysis of that situation presented by the vast majority of the material published on Zero Hedge continues to be relatively superficial, even including amongst those who more directly address the issues of which cultural groups make up the most dominant organized crime gangs.
READ MY LIPS --- the Fed is NEVER going to significantly raise interest rates.
Because if they did, the world would explode in a cascading series of massive defaults.
Agreed. I dont think they dare to raise even slighty.
ZH - The source of never ending deja vu.
The NY FED is now taking orders from the Pentagon, not the perople of the US.