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THE HEISENBERG writes: “Anecdotally, the market reaction to the Fed statement and Jerome Powell’s post-meeting presser was even more schizophrenic than usual, and it all boils down to one word: “Transient”. The initial (i.e., knee-jerk) reaction to the statement and IOER tweak (the third in a year) indicated markets were on board with the notion that the Fed had “succeeded” in pulling off the expected “dovish hold”. The inflation assessment was downgraded and the “patient” narrative was reiterated, tipping more of ...

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