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| "What the Fed did, and I was part of it, was front-loaded an enormous market rally in order to create a wealth effect...and an uncomfortable digestive period is likely now". Simply put, there can't be much more accommodation. "The Fed is a giant weapon that has no more ammunition". In fact, he stated cash at 0.1 per cent out- performed the market. Coupled with that, Chinese and US wages have converged - bottom wage earners can look forward to their annual $12,000 pay packet for a long time. So much for the inflation hawks! | |
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Former Dallas Fed head Richard Fisher
