The Fed can call the next move anything they want. It’s cheerleading. The play book is empty.
Cheering equities temporarily is not a fix.
Charles Plosser of the Philly Fed is right. Plosser said in an Aug. 17 interview that the Fed is "risking its credibility because it’s doing things that don’t work."
Our clients have know that for some time.
Robert Craven
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