The US FED has left the interest rates unchanged but something is amiss because the ioer (2.35% now) is being lowered and the effr is still rising (2.45% now).
http://sg-stock.blogspot.com/2019/04/will-us-fed-cut-interest-rate-in-may.html
The premium difference between the effr and ioer is showing that the monetary tightening has worsened as the money supply is still shrinking. In other words, the US Fed is still continuing its quantitative tapering discreetly.
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