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They can no longer deny the devastating effects of this crisis.
For all its bluster, the Federal Reserve very nearly paused its rate hikes last month for obvious reasons. Other central banks already have - two this week - which doesn't bode well for anyone. Another key milestone that curves had been predicting begins to comes true. The "pause" window is now wide open.
Eurodollar University's Money & Macro Analysis
WSJ: Latest Fed Increase Came Down to the Wire. ‘That Was a Rough Weekend.’
https://www.wsj.com/articles/latest-fed-decision-to-raise-rates-came-down-to-the-wire-that-was-a-rough-weekend-b70fa204
RBI Governor's Statement…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.