RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Fed’s Hammack Says More Data Needed Before Next Rate Move 
Yen Sinks as BOJ Rate Hike Fails to Impress Markets 
BOJ Set for Rate Hike as Inflation and Yen Pressure Mount 
BlackRock’s Rick Rieder Favors Bonds Over Stocks as Treasury Yields Surge 
RBA Set for September Rate Hike as Inflation Stays High 
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The Fed met expectations by not raising rates and setting off a global market rally. Tomorrow the Bank of Japan has its turns at additional monetary stimulus. The ECB already signaled intentions in December for more stimulus and China's PBoC just finished its sixth stimulus for the year with plenty of room for more. The thought is that perpetual monetary stimulus is good for economic growth, corporate earnings, and jobs.
"We are not entirely sure about that since extraordinary monetary stimulus is still needed nearly seven years into this bull market but we are sure that it raises asset prices and that is good for this bull market", says Voya Global.
Meanwhile, the first estimated Q3 GDP report was released and it was below expectations at 1.5 percent but highlighted a very strong consumer (PCE) growth of 3.2 percent, with a big increase in disposable income from falling energy prices of 4.8 percent.
