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Dollar Dives After Dovish Fed Statement, Bonds Shrug

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Treasury yields are dramatically unchanged after The Fed’s latest statement which recognized economic improvements but shrugged off inflation entirely leaving the outlook as dovish as ever.

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The dollar is reflecting that ‘dovishness’…

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But we note the short-end is hawkishly pricing in a 90-plus percent chance of a rate-hike by the end of 2022…

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Which is well ahead of The Fed’s 2024 forecast for its next move.

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