US NY Fed's Dudley speaking at BIS event 26 June
- Fed has taken very measured and careful approach to shrinking bond portfolio
- US bond-shredding strategy easy to communicate, meant to limit adverse market effects
- muted market reaction to portfolio announcements suggests Fed communications are sound
Or, market is confused it hasn't got a clue what to do. My money's on the latter.
USDJPY remains around 111.65. GBPUSD slipping back to 1.2728 as is EURUSD at 1.1177
AUDUSD comatose at 0.7571. USDCAD trading tightly between 1.3230-60
US Fed's Dudley - Fed communication is good