Dennis Gartman 'Confused' by Fed

"I think the greatest take-away from yesterday is the fact that they've made it clear that the probabilities of a QE3 are negligible, are almost zero and I think that's probably the most important thing. Is the Fed going to tighten in the next six months? Likely not, but probably within the next 12 months they will," Dennis Gartman, founder of The Gartman Letter told CNBC Thursday in a discussion on US monetary policy. He admitted he was "somewhat confused" by the Fed's decision, but added: "The Fed has made it clear that it they really don't have any intention to tighten the monetary policy anytime soon, but they have set the path that they will follow and they've set some of the guidelines that we shall see as signposts as to when they will begin to tighten."
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Thu, May 19 20111:10 AM EDT