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The FOMC meets this week and issues a statement on Wednesday at 12:30, followed by a press conference by the FOMC’s Big-Brain-In-Chief at 2:15.

For well over a year FOMC has promoted a scheme whereby it sanitizes debt manipulations by selling commensurate amounts of short-term treasury bonds as it buys long-term bonds.  This operation is set to end this month.  A result of this operation has been the state of the 30 year – 2 year yield curve as shown below.

30.2.au

That looks like a long consolidation, not the start of a bear market in this spread.  The golden juxtaposition seems very well in line with this spread.

The people meeting this week will regale us with their wisdom – and perhaps even a little slight of hand – on Wednesday.  They may not do much of anything, yet the view above does not need much of anything to eventually resolve to bullish.  What it needs is for the overt meddling (Twist) to cease and for normal inflationary operations to eventually take their course.

Patience, as the process plays out.

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