[The following is my Markets commentary for the week of August 18, 2014, Issue 4.38]   Here is what I sent to active clients via email on Monday regarding Fischer’s speech: There wasn’t anything too surprising in here, but the tone sounded a bit gloomy and dovish. It’s possible it was partly the nature of the speech topic (The Great Recession: Moving Ahead). One of the research pieces he mentions several times (Reinhart and Rogoff) talks about recoveries double-dipping 43% of the time. He also sounded like Yellen when describing the economy – low participation could be a sign of weak labor markets, unusual weakness of housing markets,…

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