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The Fed is losing credibility: Hardy
The Federal Reserve hit the pause button last night, flagging a rate hike in December instead, and the dollar tumbled against a broad range of currencies while stock and bond prices soared.
It was a major disappointment, though the vast majority of market participants didn't expect a hike, says John J Hardy, head of Saxo FX strategy.
Hardy believes that this reaction is going to fade and that volatility will continue to chop back and forth and go higher.
02:19 minutes
Tags: currency, fomc, fomc meeting, forex, interest rates, john hardy, rate decision, saxobank.com, saxotradergo, tradingfloor.com, yellen
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