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Be Afraid: This Is The Fed's Last Remaining Strategy

While we were most eager to hear Bill Dudley's take on the shocking events out of China in the past 48 hours, we would be denied:

  • DUDLEY SAYS WON'T COMMENT ON CHINESE CURRENCY POLICY

... although he did add the cryptic:

  • DUDLEY: MAY NOT BE INAPPROPRIATE FOR YUAN TO ADJUST W/ECONOMY

But what was the most disturbing soundbite out of the former Goldmanite and current head of the Fed's capital markets trading branch, was the following:

  • DUDLEY: HOPEFULLY IN NEAR FUTURE FED ABLE TO RAISE RATES

Compare that to Lockhart's enthusiasm just a few days ago:

Lockhart (pre-China deval): "Liftoff is close" ... "very disposed" to Sept Dudley (post-deval): Can hopefully raise rates in "near future"

— Jamie McGeever (@ReutersJamie)

And that's where we are now: the Fed's latest and greatest "strategy" for the future is a very simple one: hope.