Yeah ok. It was a pro-forma meeting; the unanimity was a cute send-off for Helicopter Ben.
Good that the Fed stuck with the taper and didn’t let a couple of bad days on Wall Street derail it. Of course the whole stimulus/QE/twist/bond buy was a big government boondoggle which ballooned the government debt and sent dollars we didn’t have to big finance/big corporations which suck up to government, instead of making better goods/state & local governments which have Democrat vote majorities.
This snippet is from their article: Turkish interest rate leaps amid currency market turmoil
Following the US Fed’s decision last month to “taper” its $85 billion a month asset-purchasing program to $75 billion, interest rates are expected to start to rise in the US, reversing the capital flows. A study released earlier this month by the World Bank warned that in a worst-case scenario, “emerging markets” could see their capital inflows fall by as much as 80 percent.
If the Fed decides to further “taper” its purchases of financial assets after its meeting today, that could again trigger rapid currency movements.
Brazil’s central bank governor Alexandre Tombini said the “vacuum cleaner” of rising interest rates in the major economies would suck money out of emerging markets and force their central banks to lift interest rates.
Yesterday, the Indian central bank lifted interest rates by 25 basis points, the third increase in the past six months. Other countries could soon follow the Turkish and Indian decisions.
One starts to wonder which Black Swan will appear.
QE? Who needs QE?
No one is buying our debt. We need to cut spending.