Today’s minutes: It is bad enough to give up policy deliberations when as a policy maker, you follow some rule. It is quite another to give up policy deliberations when you are making things up as you go along – the Yellen Fed.
Over the many years we have followed the Fed never once have we ever witnessed such a lapse in judgment; it was almost childish this mish mash called “minutes.”
We’ve disagreed, even to the point for example of triggering change at the Greenspan Fed (with the help of a few others). But we have never ever looked at any of the membership, no matter what their point of view, as clowns.
This is painful to see and it represents the acceleration of a process - the shredding of the US central bank’s authority and dignity.
Robert Craven
Over the many years we have followed the Fed never once have we ever witnessed such a lapse in judgment; it was almost childish this mish mash called “minutes.”
We’ve disagreed, even to the point for example of triggering change at the Greenspan Fed (with the help of a few others). But we have never ever looked at any of the membership, no matter what their point of view, as clowns.
This is painful to see and it represents the acceleration of a process - the shredding of the US central bank’s authority and dignity.
Robert Craven
No comments:
Post a Comment