great solution. a formed window of several months will make it possible to better assess, which to a greater extent predetermines the appetite for EM assets: FED или fundamentals.
P.S. it is imperative that those, те кто пишут/говорят про FED, watched Bernanke's press conferences themselves, read statements and looked at forecasts. a few minutes ago, once again, perfectly clear and without possibility “понять не правильно” Bernanke explained, what: 1) the continuation of the asset purchase program depends on the fundamentals; 2) respectively, if fundamentals keep improving – see point # 1 – the program will be cut; 3) fundamentals are improving, but still unsatisfactory; 4) two tips (less clear): and) keep in mind our unemployment target, b) all else being equal “кондиции” by the end of the year can reach the level “satisfactory to start minimizing the program”. – it is the same, what was discussed a few months ago, absolutely nothing has changed.
P.P.S. no doubt the thought, that the markets in the medium term reflect the change in fundamentals and the dynamics of the difference “expectations vs reality”. there is always a certain market share, which I “trades headlines” and that's okay.. but, days like this, as today suggest that, what “trade headlines” begins to go beyond reason. On the one side, this type of market movement must have some kind of cyclical component – for example, with folded window (until about the second half of October – early November), wherein (due to the improvement of the situation in China and others like them) nothing important should happen, “trade headlines” really should flourish. but, given that, that I'm not getting bogged down by sampling errors, seems, that many are beginning to believe, что говорят. it scares :)
