The Federal Reserve had a meeting and issued a statement yesterday. We did not learn very much, but we did learn that the Fed has finally stated that the economy is growing nicely. They stated that is was growing at a "solid rate despite hurricane-related disruptions." That last part is designed to keep the public guessing and we know that there is no such thing as a one-handed economist. Economists always cover both sides of a prediction to ensure that they can claim victory sometime in the future. For convenience, we have included the FOMC statement at the bottom of this note.
As we read between the line, we think that FOMC statement supports our macro thesis and the trades we suggest to position one's portfolio as the scenario plays out.
