One of the things you may have noticed about last month’s “most important” Fed meeting in recent memory is that the market has completely lost track of the narrative.
Indeed, keeping up with the various competing dynamics that constant central banker meddling has helped to create is nearly impossible and now that the FOMC has admitted that it’s at least partially (and probably wholly) market dependent, the reflexivity problem (or, the “removing of the fourth wall” to quote Deutsche Bank) clouds the picture so much that it’s no longer even clear that there is a correct interpretation.
Of course the FOMC doesn’t do itself any favors when Fed presidents (and most especially Janet Yellen) do so much speaking that you’d think they were on tour promoting a book.Between the convoluted, self-referential reaction function and the cacophony of speakers, the market just simply can’t process it all and with that, we bring you the following from RBS’ Alberto Gallo who asks if perhaps we have reached “peak Fed speak”.
Gold up and the miners down - have they done their run for now?
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