Fed goes from 3 hikes 0 hikes in a matter of weeks, fastest U-turn in history made by the largest central bank in the world, and USD stiff as a board. tells me a lot.
Hate to see what happens to Euro during next recession. Sub-zero interest rate policy or more Quantitative Easing only option. Sub-zero rates only untried policy option of the two.
Real GDP +3.4% and that's all that really matters at the end of the day for the U.S; though,
Fed's U-turn could imply 3.4% is tentative.
Note: Fed in relatively safe position compared to ECB and BOJ in terms
of policy preparedness for next recession. ECB and BOJ are elephant in
room. This sets table for bid Dollar near/medium-term.