THURSDAY 9/17/15; Japan Imports/Exports; Citizenship Day (Constitution Day); RAD; Housing Starts; FOMC Historic Rate Decision; Fed Chair Yellen Press Conference; Fed Maintains ZIRP Policy with No Rate Hike; Fed Becomes the “Central Banker to the World”; ADBE

Asian indexes are ready to follow the US rally. Nikkei Index futures and Aussie markets are set to open higher. New Zealand GDP is lackluster at +2.4% year-on-year under last quarter’s +2.6% and missing the +2.5% expectations.

Japan Imports are down -3.1% worse than the -2.2% expected but a touch better than the prior month’s -3.2%. Exports are up +3.1% versus the +4.0% expectations and last month’s +7.6%. The Japan August trade balance is 569.7 billion yen a miss wider than expected. The trade data is disappointing. Dollar/yen 120.56. Chile is receiving strong aftershocks from the large quake occurring a short time ago.

At 9 AM Tokyo (8 PM EST Wednesday evening in the States; 9 PM Santiago, Chile), S&P -2. Dow -14. Nasdaq -4. Euro 1.1289. Dollar/yen 120.56. Pound 1.5509. Aussie dollar 0.7195.

WTIC oil 47.35. Brent oil 49.75. Gold 1120. Silver 14.89. Copper is up +0.6% to 2.4675.

US Treasury yields are; 2-year 0.81%, 5-year 1.61%, 10-year 2.29%, 30-year 3.08%.

Asian indexes open higher. The NIKK gains +1.1%. Dollar/yen 120.57. ASX 200 +0.4%. Aussie stocks are catching a bid higher from the strength in energy stocks. KOSPI begins up +0.3%. New Zealand stocks gain +0.6%. The joy from the United States starts Asia off on a positive note.

Copper futures are spiking higher +0.7% as 















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.....  that if the Fed did not provide the first rate hike it would at least talk hawkishly saying that the hike is coming soon. This is not the case. The economy is lackluster and weak by Yellen’s own account.

Market participants ponder ‘if not now, then when will the Fed hike rates’? If a recession occurs, the US and entire world is in deep trouble since there is no ammunition available to stop an economic slide (the key Fed rate is already at zero and cannot be lowered more unless rates go negative an outcome that is summarily dismissed by Yellen).

It is shameful that the FOMC started this Keynesian path with QE 1 in March 2009 and 6-1/2 years later has only succeeded in making the wealthy filthy rich since they own large stock portfolios. The central bankers should be ashamed of themselves but instead perform the bidding of the large investment banks since Fed members will be rewarded with lucrative speaking engagements once they leave office.