The Dead Parrot FOMC

By |2014-11-20T13:13:31-05:00November 20th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

As the FOMC gathered only a week after October’s unusual UST “experience”, they faced an oddly familiar problem. The entire focus, at least externally, has been on how to exit extraordinary “accommodation.” Yet there is clearly a market difference between 2013’s discussions in that direction and 2014’s. As noted previously, credit markets in 2014 seem to be keenly aware that [...]