Digging a Deeper Hole

Looks like our assessment has been wrong. The current FOMC, who has chosen to stay the course on securities purchases, is even more dovish than many had predicted. The Fed is following a dangerous path. Nevertheless the markets love it.

We've seen the damage even a hint of exiting this program did to emerging markets. The deeper the US central bank gets into this hole, the more difficult the eventual exit will become.

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