Submitted by Michael Shedlock via MishTalk.com,
Global financial repression has picked up steam. Australian citizens are likely the next victim.
AU News reports Government Floats $100 Note Removal.
SAY goodbye to the $100 note.
Australia looks set to follow in the footsteps of Venezuela and India by abolishing the country’s highest-denomination banknote in a bid to crack down on the “black economy”.
Yesterday, in an amusing interlude, Deutsche Bank's Torsten Slok "explained" how stocks would react to any particular wording of the Fed rate hike.
Musing somehwat cynically, we said "this time is different", or maybe it's just 1929 all over again, because according to Deutsche Bank, after 8 years of easing sent the S&P to all time highs, the only thing that is more bullish than a dovish Fed, is a Hawkish one, and as a result no matter what the Fed does tomorrow, and how it hikes rates, equities can only go "higher."
With the exception of the Fed statement, the biggest event of the day was Donald Trump's mega technology summit in New York on Wednesday which hosted leaders of tech companies to provide an olive branch and attempt to bury a past, in which most of Silicon Valley was a firm supporter of Hillary Clinton.
While Goldman was mostly delighted with the Fed's statement, Evercore ISI is far less sanguine about what the Fed revealed today,
As expected, in addition to raising the Fed Funds rate by 25 bps, the Fed similarly noted that it would revise the mechanics behind its reverse repo operations, raising the rate it charges on reverse repos by 25 bps to 0.5%, the actual means by which the Fed will hike rates for most market participants.
Here is the statement that the Fed released regarding the change in overnight reverse repos: