[The following is an excerpt my Markets commentary for the week of August 4, 2014, Issue 4.36]   Here is an excerpt of the email I sent to active clients Wednesday after the FOMC statement: The inclusion of “However, a range of labor market indicators suggests that there remains significant underutilization of labor resources.”  To me, this mutes the slightly hawkish tone of the other changes.  It seems a little peculiar for the FOMC to stick in this sentence (as they did not have to).  The two reasons that I can think of are: (1) they *want to* emphasize we…

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