25 Sep 2013
Flash: A third of the market fooled - BBH
FXstreet.com (London) - Research teams at BBH note that the market is still wrestling with the Fed's decision not to taper.
Key Quotes:
“Investors continue to wrestle with the implications of the Federal Reserve's decision last week not to taper”.
“What is being generally overlooked is that a full third of the market, according to various polls, did not expect the Fed to taper. Many journalists were surprised, and this seems to be colouring their coverage. For example, just yesterday, a Financial Times reporters wrote, "To a man, Wall Street's best strategists were caught out by the Federal Reserve's decision not to curb its emergency asset buying." Substitute strategists with reporters and the assessment may be fairer”.
Key Quotes:
“Investors continue to wrestle with the implications of the Federal Reserve's decision last week not to taper”.
“What is being generally overlooked is that a full third of the market, according to various polls, did not expect the Fed to taper. Many journalists were surprised, and this seems to be colouring their coverage. For example, just yesterday, a Financial Times reporters wrote, "To a man, Wall Street's best strategists were caught out by the Federal Reserve's decision not to curb its emergency asset buying." Substitute strategists with reporters and the assessment may be fairer”.