Last week’s Federal Open Market Committee (FOMC) meeting in the U.S. took the financial community by storm as its January policy update were seen by investors and market observers as an outright ‘U-Turn’. However, it may not be so. The most talked about was the change in the middle portion of the Fed’s statement during its release, with the words ‘will be patient‘: ‘In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.’ As compared what was announced in December: ‘The Committee judges that risks to the economic outlook are roughly balanced, but will continue to monitor global economic and financial developments and assess their implications for the economic outlook.’ The other point of focus that...