“The Fed created all these expectations and it’s going to be hard for them to deliver; anything less than $500 billion in QE would be uncivilized,” John Lynch, chief equity strategist at the Wells Fargo Funds Management division of San Francisco- based Wells Fargo & Co. that oversees $465 billion. “I’m not really buying into this rally. It’s going to be hard to deal with the election, Fed policy and the jobs report all in the same week. I fear the Fed won’t deliver what the market has priced in.”
This week’s elections and Fed meeting will be followed by a government jobs report projected to show the U.S. unemployment rate held steady at 9.6 percent last month, near a 27-year high of 10.1 percent reached in October 2009.
Republicans are poised to take control of the U.S. House and narrow Democrats’ margin in the Senate, delivering a rebuke to President Barack Obama’s party in a campaign shaped by voter anxiety over jobs and the economy.
Australia’s dollar rose to the highest level since it was floated in 1983, briefly trading above $1, as it strengthened against 15 of 16 major counterparts following the nation’s unexpected interest rate increase.
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