Short comment 

Stance of FED is pretty clear when we see statements of them.

"Recently, economy of U.S is good enough. We will raise federal fund rate in appropriate time."

This is fudamental stance, but the market interprets stance of FED by additional comments.

A few day ago, the additional comments was "it would be too late that we are delaying raising federal fund rate until the time when inflation rate reach to 2%.

The message didn't give effect to stock market.

but in fixed income market, rising trend was reversed.

So, what will be from now on?

Let see about past.

In July, two and half month ago, the market thought that the message was too weak, so the message was interpreted to the Dove.

Based on this, we can't anticipate how the markets interpret next messages.

I think that FED's statement can't be the mileston of direction of the markets in now.

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