Fed more patient, UK parliament more unicorn

As expected, the Fed has held interest rates and promised a patient approach to future rate rises and a more flexible approach to the size and nature of its balance sheet. But their stance has had a strong impact on markets in the immediate aftermath. Meanwhile Brexit appears to have moved into the realms of fantasy negotiations, but as NAB’s Gavin Friend explains to Phil Dobbie, politicians have another bite at the cherry in a couple of weeks having demonstrated their lack of support for a hard Brexit.  They also discuss the impact for Australia of rising iron ore prices and the latest CPI numbers. And data providing further evidence of a slowdown in Europe.

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