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June 19, 2013

Meddler in Chief

Initial action across markets following the FOMC press release was rather muted, but once the Meddler in Chief got in front of cameras and confirmed recent musings by other governors that the Fed may taper its bond purchase program by early next year, the real action began. Fewer bond purchases, of course, is bad news for bond prices and good news for the dollar, so we witnessed an unusual session in which bonds and the dollar moved strongly in opposite directions. Folks may now argue that news does, indeed, drive markets, but consider first ...

 

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