We all need something to believe it and we now have the Fed’s Forward Guidance to show us the way for us to pretend that the future is here.

That is what the currency market has been doing for the past days since the FOMC – pretending that the rate hikes have started and rate cuts too
although I am not sure about the -5.33% change in the price of Silver.

The rest of the market is sitting tight and pretty, with another record high for the S&P 500 Index last Friday and bonds holding onto their gains.

As you can see above, valuations and absolute index levels of S&P 500 have breached all-time highs.

So what is prompting the sudden barrage of comments out of the BIS, IMF and the G-20 finance ministers and central bankers with warning statements,
all within less than a fortnight, that the markets ...