Prepare for the coming week

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 Join us this Sunday, 20 September 2015 at 18:00 London Time / 1:00 pm EST (your time).
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Prepare for the coming week
NO rate hike!  Janet & Co. decided to leave rates unchanged and a major reason was China's economic slowdown. 
As we expressed to you repeatedly and during last week's session, we see no positive reason for the Fed to raise rates.
Well the markets were in turmoil last week with institutional traders hedging their positions.
As Gertrude Stein said,"Everybody gets so much information all day long that they lose their common sense."
Anyway, Dr. Janet Yellen is stressing patience that the risks coming out of China are too great and pointed against a rate hike for the September FOMC. She stressed that inflation remains "quite low" and "way below target" in part due to weak foreign economies and the strength of the dollar, which has been pulling import prices down. She noted that it would take "a bit more time" for transitory inflation effects, which also include low commodity prices, to dissipate. She also noted the downgrade in the FOMC statement of wage pressures, which are now described as having "moved" lower.
Dr. Yellen is upbeat on the economy, describing general conditions and also the labor market as solid, though she continues to note that readings on unemployment, which she described as very low, are likely missing those who are under employed and still can't find full-time work. She described housing as soft and downplayed its role in the economy, stressing the importance instead of consumer spending and also business investment. She confirmed that October will be a "live" meeting and that if a rate hike is approved, the Fed will announce an unscheduled press conference. Otherwise, the last meeting this year is in December when a press conference is already set. When the Fed finally does announce liftoff, she repeated that the path of the rate increase will be gradual.
Now with the Fed is out of the way, hopefully common sense will prevail and we should prepare for next week with earnest.
See you Sunday
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