In this report, I cover the early market action from London on Wednesday, July 31st, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the upcoming Fed decision later on today on interest rates and what I think the impact of a rate cut could be. The Fed has the potential to create a great deal of havoc in the financial system as it has put itself more and more into a corner by talking up the economy but at the same time telegraphing a rate cut today.
I look at a comment almost three years ago by a former Dallas Fed president, Dick Fisher, who admitted on CNBC that "we (Fed) have injected cocaine and heroin into the system...". Like Mr Fisher, I believe the Fed's main worry is the stock market and the credit bubble. Whether the rate cut later on today is a one-off or the first of many I think the Fed's credibility is quickly dwindling.
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