Not surprising… It is now official; the US Federal Reserve has shifted from being US data to global data dependent. Indeed, the Fed left its target rate unchanged, citing adverse global economic and financial developments which could eventually restrain economic activity. In other words, the Fed decided not to rock the bond market, delivering exactly what the consensus of investors was expecting. As for the economic forecasts, the Fed mildly brought down forward inflation targets and Fed fund rates without modifying its economic growth outlook.

But disappointing… As we outlined in our note…

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