Front running a lousy Beige Book? That could be the reason behind the latest stock drop, but it’s hard to say. EUR/JPY has come off with equities, it comes as no surprise. Beware of the classic “sell the rumor, buy the fact” reaction after the Beige Book is released.
Just a reminder, the Beige Book is a collection of economic anecdotes collect by the Fed staff to help prepare the members of the FOMC for their upcoming meeting.
