Three minutes prior to the FOMC release, the Buck was Burning to the tune of -0.76%, down to $75.81. That’s -15% lower than where the price of what was once the world’s reserve currency was in March. Three minutes after the release, the US Dollar didn’t really budge.
The Fed made NO changes to the statement other than a token shift in the agency debt plan. The plan on rates is to keep pandering to the fear-mongering politics the moment, keeping rates “exceptionally low” for an “extended period” of time. Citizens of America who hope to save at a real rate of return, shame on you. Go back to your day jobs, if you still have one.
Although the marked-to-market facts have changed (GDP, stocks, credit, gold, oil, etc…), unfortunately Mr. Bernanke’s plan has not. He is being who they hired him to be. A conflicted and compromised head of the US Federal Reserve who is crushing the credibility of the currency, in search of short term political gain.
Keith R. McCullough
Chief Executive Officer