By Roger Blitz
Market hawks have grown increasingly weary at what they regard as the prevarication of the Federal Reserve on raising rates.
According to Stephen Jen, head of currency hedge fund SLJ Macro, the Fed’s approach to raising rates is “the same strategy as Brussels towards Athens”.
So rapidly is a rate rise falling down the probability scale, as the fallout of China’s renminbi devaluation spreads across global financial markets and the focus on its sputtering economy intensifies, that it is in danger of falling off altogether.
Central bank policymakers gather for the annual Kansas Fed shindig at Jackson Hole, Wyoming, in a climate fast becoming paralysed with fear.
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