The Federal Reserve has been telling us time and time again that they are going to keep monetary policy accommodative until ACTUAL inflation is within the 2%-3% range. They told us inflationary expectations are transitory and that the rising in yields was unsustainable. Yet even with strong US data today (Retail Sales, NY Empire State Manufacturing Index, Philadelphia Fed Manufacturing Index, and Initial Jobless Claims), yields fell, and gold soared. Either someone has decided that it is time to believe the Fed or that now is the perfect time for a short squeeze in bonds! Note that the DXY barely moved all day, which … (full story)
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