While mainstream media was awash with status quo huggers proclaiming Yellen's "6-month is a considerable period" comment as a slip - and assuming several Fed heads would come to the rescue to focus investors on lower-for-longer - it appears they are wrong:
- *BULLARD SAYS YELLEN'S '6-MONTHS' COMMENT IN LINE WITH SURVEYS
- *BULLARD SAYS FED WATCHFUL FOR 'ANY KIND OF REPLAY' OF BUBBLES
This came on the heels on Fed Fisher's comments on the end of efficacy of Fed QE and that asset-buying would end in October and short-dated bonds and stocks are fading (as JPY crosses are tumbling).
Stocks and short-end bonds double-whammied...
- *FISHER SAYS FED HAS EXHAUSTED EFFICACY OF U.S. QE POLICY
- *FISHER SAYS ASSET-BUYING TO END BY OCTOBER AT CURRENT PACE
- *FISHER SAYS SOME MORE VOLATILITY IN MARKET WOULD BE HEALTHY
and then Bullard:
- *BULLARD SAYS YELLEN'S '6-MONTHS' COMMENT IN LINE WITH SURVEYS
- *BULLARD SAYS FED WATCHFUL FOR `ANY KIND OF REPLAY' OF BUBBLES
- *BULLARD: AFTER CRISIS, 'ONCE BITTEN TWICE SHY' A NATURAL VIEW
Not what the doves or stock/bond bulls wanted to hear...
And the short-end is not happy (as stocks drop to lows of the day)
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JPY carry unwind en masse...
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And the Nasdaq now at post-FOMC lows...
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