In case you're unable to read between the lines, Janet Yellen opened the door for “un-tapering” yesterday. No surprise there from the “Mother of All Doves.”
Ducks quack, doves print.
The slow-growth commodity inflation rip-trade loves Yellen. Utilities and Gold are leading the V-bottom S&P 500 parade as the US Dollar remains bearish TREND versus both the Euro and Yen now.
Got Pounds? Because the Bank of England's Mark Carney is definitely not Janet Yellen.
The BOE doesn't have to do the whole lingo thing about “taper” or un-taper in the UK; they just need to talk about rates and currency higher, which perpetuates purchasing power, consumption growth, etc.
At $1.65 versus the USD, the British Pound remains our favorite major currency.