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Clearly markets weren't expecting the change, or else they wouldn't've been so volatile after the announcement.
by joshdick 12y ago
Clearly markets weren't expecting the change, or else they wouldn't've been so volatile after the announcement.
- dagw 12y agoThey were expecting it long run, they just weren't expecting it that day. If you'd asked people last week if the peg would still be in place 10 years from now, most people in the market would have said "no". If you'd asked them if would still be in place 10 days from now, most would have said "yes".