De FED stopt met het omstreden QE programma eind deze maand. De rente blijft wel tussen de 0.00 en 0.25%. Aandelen, goud en Amerikaanse obligaties staan lager, de USD sterker.
What happened today with the Fed was expected. The Fed has been angling for the end of QE for quite some time. The reality is that they are not entirely ending QE. As I mentioned to you previously, the Fed is committed to maintaining the current size of its portfolio. As some of their bonds mature, the Fed will be going out and buying bonds to replace them. So we will still see the Fed buying hundreds of billions of dollars of bonds each year.
But obviously the Fed is not further expanding their stimulus at this time. It will be extremely interesting to see how the markets accept this. After the end of QE1 and QE2 we saw the market fall about 20 percent in each instance. In this case, obviously the Fed tapered somewhat, but I still believe, especially if the data does not improve, that we are going to see the markets test the Fed.