Tim Seymour said that rates failed to break 2.45% on the downside and that would need to happen before we saw 2%. He said the Fed had horrible communication in June and has put a lot of pressure on the markets for this meeting.
The Nikkei was down 3% in the overnight session on news of higher-than-expected inflation results. Brown said that if traders have missed the upside move in Japan, the WisdomTree Japan Hedged Equity ETF (DXJ) is a buy on the pullback.
Seymour added he is a buyer of Japan and that it could outperform the S&P 500 over the next nine months.
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