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The Fed's A "Joke," Saxobank CIO Prefers Gold Amid Increased Uncertainty

"A joke" and "far from impressive", both descriptions give you a sense of the frustration being felt by Saxo Bank's Chief Economist Steen Jakobsen who analyses the decision not to raise rates in this brief clip. The Fed "missed opportunity to raise rates for first time since 2006" according to Steen who has been consistently arguing against what he calls the Fed's  "pretend-and-extend" culture. Volatility and uncertainty will remain high and there's now little chance of a rate rise this year suggests Steen (expecting a big rally in gold), given that EM economies and China are unlikely to emerge from the doldrums in the near-term.

 

The last minute gets dark...

"...as always with The Fed is clearly shying away from taking any hard decisions, from actually taking any accountability ort responsibility for resetting the clock on this extremely easy monetary policy... they are just as likely to cut as to hike."