We had thought that transparency meant efficiency in the market... and that's not what happened. The meaning of the bias within the Fed was not well understood.

Christopher Low

Bias Efficiency Happened Market Meaning Meant Not Thought Transparency

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In today's market, everyone is a Fed-watcher. Hopefully we will not lose any transparency and will lose some of the volatility.

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The job market was lousy, now it's been upgraded to good,

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The job market was lousy, now it's been upgraded to good.

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All in all, a much more bond-friendly, stock market-hostile report than expected.

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Our objective is to deepen and expand the market, reduce (price) instability, and boost transparency and efficiency.

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