This morning on CNBC, a good discussion between Richard Bernstein and Dennis Gartman on the challenge facing the Fed. Neither think a rate hike is coming anytime soon, with Bernstein noting razor thin yields on 3-month treasuries as evidence. Gartman is more ominous, noting that the Fed was created and can be “destroyed” be Congressional edict, and thus has no reason to get cute about asserting its independent (raising rates) when politicians don’t want them to.
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