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The “Unwinding Of Unsustainable Speculative Positions”, Or How The Fed Welcomes The Popping Of Its Own Bubble

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As far as we are concerned, this is the only sentence that matters.

Some participants also stated that financial developments during the intermeeting period might have helped put the financial system on a more sustainable footing, insofar as those developments were associated with an unwinding of unsustainable speculative positions or an increase in term premiums from extraordinarily low levels.

Everything else is merely noise.