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New York FED President Mr. Bill Dudley, today shrugged of any possibility of further quantitative easing or QE4. After Market turmoil on Monday and inflation expectation dropping to 5 year low, several prominent names in the Industry, such as Mr. Lawrence Summers called for further easing from FED.
- According to Mr. Dudley's word - "I am way far away from thinking about quantitative easing". According to him, US economy is performing quite well and FED policymakers are working on when to raise rates than discussing on further stimulus.
- Despite the optimism, Mr. Dudley pointed out that a rate hike as early as next month is now looking less compelling.
This brings out further uncertainty over rate hike from FED as initially before Monday's turmoil, focus was more on September, which has now shifted to December.
FED is now left with three more meetings this year, September, October and December. According to our view at current condition a hike in October seems likely.
Euro traded as high as 1.144 after comments, however pared back gains and currently hovering at 1.14.
