Here is the updated fed funds rate forecast based off September FOMC projections. As is clearly demonstrated, the FOMC now see a slightly more aggressive tightening schedule in 2015 and 2016 than what was previously forecast back in June. While equity markets largely ignored this fact, presumably on the FOMC leaving the phrase 'considerable period' within their statement, treasuries, precious metals and the Dollar certainly didn't with the former two selling off while the USD outperformed, particularly against commodity-linked, higher-yielding peers. (VIEW LINK)



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James Marlay

Nice little wrap of the outcomes David