Yep, that says it all

It says something about the state of affairs in monetary policy when a Reuters reporter can write the following sentence not only with a straight face, but probably oblivious to the seeming contradiction:

The dollar rallied on expectations the U.S. Federal Reserve will take a more hawkish line on interest rates later this week at a meeting in which it is widely expected to leave rates unchanged at 2 percent. 

Yes, leaving interest rates unchanged when they sit roughly 200 basis points below CPI is a "hawkish stance."

Only in America.

No wonder we're in such trouble.

The Daily Reckoning