Just like President Snow, I think Chairwoman Yellen is playing a dangerous game with investors, giving them just a little bit of hope that someday monetary policy will normalize, that Fed Funds rates won’t be stuck right near zero forever. But a lot of hope, a real conviction that the Fed was going to embark on a hiking cycle, would be dangerous for financial markets, in particular bonds of all kinds, which are trading at levels that assume that the Fed never really will follow through. Hope has been contained. For now.

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