Consider the Other Side of the Fed Bet

The market is reading today's payroll figures as a positive, not because the figures are all that great but because the market believes this release means the Federal Reserve will keep its quantitative-easing policy in force.

We can see this in the reaction of various markets: Bond yields are lower, the curve is steeper, stocks are up, and commodities are up. I hope that readers of this column realized that the talk of QE ending at midyear was way premature. But even so, I don't agree with today's market reaction, and indeed I believe that playing the opposite side of some of today's moves makes sense....520 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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