We had a member of the FOMC, Atlanta’s Lockhart, say yesterday that the Fed would have to do $100 bln a month in QE to have an impact. Result: Biggest dollar rally in months.
Today an expensive consulting firm says essentially the same thing. Result, a renewed slide in the dollar…
Moral of the story? It is better to be lucky than good…
I wish I could say more. Yesterday the pain trade was down; today it clearly is up…beyond that, I haven’t a clue…
