Pre-FOMC shuffle continues Posted 3 hours agoSharePrint Investors continue to reshuffle exposure ahead of today’s US FOMC meeting, with equities trading sideways, the US dollar rising modestly, and the long end of the US yield curve steepening. The scale of the shuffle, though, hints at caution and not panic. Assuming that the FOMC stays resolutely “on message,” I expect buy everything business as usual to return shortly thereafter. US earnings continue to show impressive results, although I note that with so much good news built into equity prices, companies producing results on expectation are being punished in the short term. Tesla suffered that fate yesterday, and Microsoft’s shares have been marked down in after-hours trading following its Q1 earnings release. Conversely, Alphabet’s share price has risen this morning after releasing much higher than expected earnings after the Wall Street close. Despite the short-term noise, however, I suspect that assuming the FOMC contains no hints of a taper, buying the dip will quickly reassert itself