Confirming just two more rate hikes in 2017 and plenty of uncertainty and fear over productivity growth, a 'dovish' Stanley Fischer sparked an instant reaction in USDJPY (spiked above 111) and Gold (slammed below $1250) as stocks moved to the day's highs and bond yields rose (30Y over 3.00%)...
Notably Fischer did his very best to say absolutely nothing. But did say the folowing which seemed enough to trigger the algos...
- *FISCHER: TWO MORE RATE HIKES SEEMS TO BE ABOUT RIGHT FOR 2017
- *FISCHER: PRODUCTIVITY GROWTH IS VERY LOW BY HISTORIC STANDARDS
And the reaction... the Gold and USDJPY 'pairs' trade converges...
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Stocks bid (on FX carry and VIX slam) and bonds sold off...
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