If there is one takeaway from this week, it has to be the sharp turn in Fed expectations.
A slew of Fed governors basically confirmed that QE3 is dead, barring something totally unexpected.
While QE3 always seemed like something of a longshot, if only for political reasons — QE2 has been wildly unpopular and bad for the Fed’s standing — this is the week it took hold.
The easiest way to visualise this is to look at the dollar.
It had a big week, rallying sharply against the yen. Today gold is getting drubbed on the jobs data and the Fed commentary.
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