Now Tom Hoenig, the Fed’s hawk of hawks, is on the wires, saying he understands the the economy is not growing fast enough and that unemployment is too high but a quick fix (like QE) could have unintended consequences.
Hoenig still wants to raise rates to 1% and opposes expanding the Fed’s balance sheet. He’s all alone on the Fed Board in holding the former view and in a small minority i holding the latter view.
Also crossing the wires is news that Portugal’s UGT union will join the November 24 general strike.
EUR/USD’s bounce is finding sellers in the low 1.3880s and trades now at 1.3877.