The Fed just came out with its economic outlook, and all you need to see is the chart below.
The dollar is surging against the yen.
By reducing their forecast for unemployment, increasing their forecast for inflation and growth, the Fed has sent a strong signal that QE3 is dead.
As for the individual preferences of the various FOMC members, there was clearly a hawkish shift. There are no members who think the Fed will wait until 2016 to hike anymore.
If QE isn’t dead, there’s certainly no hint of it coming anytime soon.
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