“IF THE FED IS THE FIRST MOVER OF THE MAJOR TO RAISE RATES AND CUT QE THEN THE DOLLAR WILL RISE BECAUSE OF THE MASSIVE AMOUNT OF GLOBAL DOLLAR-DENOMINATED DEBT. A rise in the DOLLAR would lead to declining profits for U.S. multinational corporations, as well as emerging markets having to raise capital thus initiating a global liquidation of various assets. This would naturally mean a correction in equity markets. I guess we’ll see this week as we get another FOMC meeting and Powell press conference.”

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