Editor’s Note: Below is an abridged reaction on Twitter from Hedgeye CEO Keith McCullough to today’s FOMC announcement. McCullough was tweeting live from London where he is visiting institutional customers.
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This [FOMC Decision] is more dovish than expectations.
Mr. Market's analysis of this matter is crystal clear: USD devaluation … on the lows of the day… Stocks, Bonds, Commodities are off their lows.
We are one bad jobs report away from no September or December rate hike.
The Fed doesn't target a date - that means data dependence.
No Dissent = #data dependent - so you better damn well have a data forecast that's accurate. These Fed estimates are completely back end loaded - if the data slows, push out dots.
And to all my friends in London, I bid you good pub time (and good night).