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The market suffered through its worst June since the Great Depression, and curiously, it's the seriousness of this sell off that has me cautiously optimistic about the possibility that we are approaching a low in stocks...
With global equities clocking their worst first-half performance in 26 years, market Cassandras are having their day in the sun. Last year only two markets in the world -- Russia and Saudi Arabia -- were down halfway through the year. This year, only a handful of global markets -- Saudi Arabia, Brazil, Mexico and South Africa -- were up in local currency terms.
Today's Fed decision was widely expected, but what was more important to most market watchers, including myself, was the Fed's verbiage on inflation. In its statement, the Fed cited increasing inflationary pressures caused by rising oil and other commodity prices. The central bank also said that the rate cuts it already has made should help lead to improved economic growth ahead...
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