US Dollar is Toast: Yellen’s Shocking Announcement
By Graham Summers / GoldSeek
Fed Chair Janet Yellen just announced that the Fed will be kicking the $USD off a cliff.
She didn’t use those words, but the words she did use weren’t all that different.
But first a little context…
The fact is that the $USD has been falling steadily throughout 2017. At this time of this writing, it was down nearly 7% year to date.
And this was during a period in which the Fed was RAISING interest rates multiple times!
Enter Yellen’s testimony to Congress today.
Going into this meeting, the Yellen Fed was talking about aggressive tightening with multiple more rate hikes AND the Fed draining liquidity from the system via a shrinking of its balance sheet.
In this context, Yellen just made a complete 180 degree turn in front of Congress a few minutes ago.
She was dovish.
And not just a little… I mean DOVISH.
A few of her key comments:
- The Fed doesn’t need to raise rates that much further to be at a neutral level.
- Inflation is running below the Fed’s goal.
- The Fed won’t use the shrinking of its balance sheet as a “monetary tool” (meaning it won’t be about draining liquidity from the system).
Put simply, the Yellen Fed is in fact just about done with tightening.
And the $USD is toast.
It’s time to get moving into inflation plays.
If you’re not taking steps to actively prepare your portfolio for this, you need to so now.
Best Regards
Graham Summers
Chief Market Strategist
http://news.goldseek.com/GoldSeek/1499868300.php
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