The Fed has had ample time to reduce its massive $4.5 trillion balance sheet.
As expected, today’s FOMC meeting came with zero surprises. In addition to its standard boilerplate about inflation, the Fed stated it would begin balance sheet normalization “relatively soon”.
For the first time in a decade, the yield on three-month treasuries exceeds that of S&P 500 dividends.
Inquiring minds just may be interested in a gap-and-crap comparison of the the S&P; 500 index, the Spain Ibex index, and the Euro.
Schedule Set (It Won’t Be Met). The Fed released the Minutes of June 13-14 FOMC meeting today.
As expected the Fed will begin balance sheet reduction in October.
In addition to hiking today, the Fed announced its Plan to Shrink Asset Holdings Beginning This Year.
Society General’s Albert Edwards was at the Bank Credit Analyst annual conference in New York last week.
In addition to competing GDP “Nowcasts” between the Atlanta Fed and the New York Fed, at least three financial sites offer a “Brexit Tracker” using that name.