Approximately 15 seconds after FOMC whispered its latest sweet nothings to the asset markets it is propping, I posted the statement at Biiwii. In it they conceded that the economy was showing positive signs (ah, if we were on the economic bump theme months ago why are these professional policy setters only now becoming aware? There was data then, after all) and babbled a bit about employment.
But most of the talking was about inflation or rather, the lack of it in the form of their 2% target. Never mind producer costs, healthcare costs, services costs of all kinds… whatever prices the government cherry picks for CPI are not yet registering. And they made a point of it. That point was on the tip of an arrow shot right at Uncle Buck’s heart.
It appears the market (AKA the amalgam of quant machines, black boxes, trader hot shots, casino patrons, momos and substance abusers) is buying less and less that these clowns have any agenda other than asset market pumpage. Hey, that’s the market talking, not me. Though as you know, I have my own personal opinions as well.
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