"In the field of monetary and credit policy, precautionary action to prevent inflationary excesses is bound to have some onerous effects— if it did not it would be ineffective and futile. Those who have the task of making such policy don't expect you to applaud.The Federal Reserve, as one writer put it, after the recent increase in the discount rate, is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up. But unless the business community, leaders in all walks, exhibit moderation, prudence, and understanding, then we will fail and deserve to fail."

William McChesney Martin, 19 October 1955

As I am sure you know by now, the Fed has switched off its interest rates 'autopilot' and has shifted to 'patient' which is code for easy-peasy.

And so the Dollar dived, precious metals jumped, and stocks took off higher.

After the bell earnings news tended to dominate, as Facebook beat and all was well with the world.

Have a pleasant evening. 

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