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Tuesday, August 09, 2011

Scott Grannis on Real Meaning of Todays Announcement

By indicating that it is likely to keep the federal funds rate "at exceptionally low levels ... at least through mid-2013," the Fed has done more with a few words than it could have done with a QE3, while avoiding the need to monetize more of the Treasury's voluminous debt issues. This is big news.

Scott has now added some additional thoughts:

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