My FOMC Comment
On Tuesday, August 9, the FOMC released its statement - and I highlight the following:
"The Committee currently anticipates that economic conditions -- including low rates of resource utilization and a subdued outlook for inflation over the medium run -- are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013."
My comment, plain and simple: The FOMC just created a historic, and massive, two-year search for yield.
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