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Trader Exposes Subtext Of Fed's Farcical Flip-Flop

• https://www.zerohedge.com by Richard Breslow

And it wasn't that his dovish tilt should have come as any momentous surprise. There already was a lot of accommodation assumed in market pricing. Although the fact that there has been renewed hope for the 50 basis point club wasn't at all insignificant.

That was a clear hint not to conclude one-and-done is their base-case scenario -- rather a double shot of juice is still likely. But it does mean that data-dependency isn't totally dead.

The back-up in rates and the pause in the run-up of equity prices after the strong non-farm payrolls report had more to do with weak hand positioning than a belief that the number was a game changer. If there was any doubt about it, he made it quite clear that it wasn't. As in, "We have a plan and we're sticking with it."

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