The Flight To Safety Is On As Banks Get Crushed And Gold Surges

Thursday, June 16, 2016
By Paul Martin
June 16, 2016

The flight to safety is on as banks get crushed and gold surges.

A portion of today’s note from Art Cashin: Other Fed Credibility Dings – They did not set up a July press conference thus raising enormous doubts that any kind of move is possible in July.

The vote to stand pat was unanimous. Where all those regional Fed presidents, who a week or two ago, were hanging on a June move and even follow-ups. There was a dissent in April but not one in June?

Futures are a hair away from declaring no hike this year. Credibility?

Hints She Said. Hints? – One of the more interesting, or maybe one should say “jaw-dropping” moments of the Yellen press conference came when a reporter asked her why, after the minutes of the April meeting showed that most favored a potential June move, the April statement did not have such a clear indication?

After a minute and a half of verbal tap dancing, the Chair declaimed that there was a “hint” in the statement. A hint? A hint? This is not a crossword puzzle. It is the closing statement (an assumed summary) of the temporary thinking and policy of the very important FOMC. Do we need to get a decoder ring?

The Rest…HERE

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