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December 18, 2013

FOMC Tapers by Ten Billion

When Dreams Come True

Well. Today's FOMC press release was somehow telegraphed into my dreams last week as we received exactly the result dreamt: a $10B taper. As noted Monday, a taper is actually beneficial because we have a substantial piece of news against which to weigh market action. Specifically, we want to observe reactions that don't quite fit the news. Unfortunately, markets reacted more or less as one would expect to a taper with the dollar up, gold and bonds down. The only assets that moved in an anomalous fashion was ...


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