Prominent names call for QE4 from FED

Don't doubt it, you are reading it right. Recent financial market turmoil, dented confidence so much that some big names in the industry going further to doubting rate hike from US Federal Reserve next month to call for further stimulus from US Federal Reserve.

Lawrence Summers, former US treasury secretary and a favorite to become FED Chair, before Janet Yellen stole the spot says it would be serious error for FED to hike rates and it should even consider raising bond buying program.

Similarly, Ray Dalio, a respected hedge fund manager wrote to clients that next big move from FED will be to ease rather than tightening. Mr. Dalio is the manager of world's largest hedge fund.

As of now, it looks very unlikely that FED will shift stance and move to QE4, it clearly shows that how financial turmoil of few weeks can change perception. It looks like, expectation for a hike in September has been dented severely.

It would be ever more important to watch out for FOMC officials' view over current turmoil as it could easily set the mood for Dollar going ahead.