The response to the various asset markets to comment on the Fed (supposedly) second round of quantitative easing, speaks for itself. In the forex market's mood was "Here we go again", the dollar fell, high-yielding currencies rose. The dollar fell by 12% after the first round (QE1). The response to the debt markets was identical (rates low for a long time because of the raised fears of deflation), and the prospects for repayment of assets (likely the central bank's purchases). More interesting was the reaction of stock markets, which this perspective is not inspired. The same applies to the credit markets, corporate securities, to show changes in less government bonds. What does all this tell us? Basically that while the currency could come under the inspiration Kerry trade, the reaction of other markets have shown a universal festival, and rightly gave a different assessment of the events of March of 2009 and the present moment. Currency markets should closely monitor these indicators, how long can or can not last for this event.
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