A decline in Chinese iron ore stocks relative to Chinese iron ore consumption, will put upward pressure on iron ore prices for the next two to three quarters.

Federal Reserve Chairman Jay Powell has said that "We think our policy rate is at an appropriate point" and "We also know that our policy rate is in the range of the committee's estimate of neutral".

I attended a presentation by FED Chair Jay Powell.

He said conditions now are like when he joined the FED in 2016.

In 2016 the FED kept the Fed Funds rate unchanged all year.

A more modest outlook for US Growth and US Inflation has reduced the number of rate hikes the Fed needs to make.

The world economy will continue to produce healthy growth in 2019

The Fed will need to slow the US economy and lift US unemployment from 3.7% now, up to around 4.6%, if it wants to stabilize US inflation in the long term.

The equities market is moderately cheap and should rally from here.

Still, continual Fed tightening is slowly squeezing fundamentals.

Spectacular growth in earnings per share for the S&P500 are giving way to slower but solid growth.

We compare monetary policy for the Fed, The European Central Bank and the RBA. The RBA has the LEAST expansive monetary policy.

It is currency, not fundamentals, which have caused the oil price to correct.