Lael (big) Brainard jawbones the market

Lael Brainard jawbones amped up rate hikes

I was doing something non-market for a while, came back and saw my holdings having taken a bit of a haircut since last checked at around 10:00. Sure enough, the news item in the form of a jawbone…

You can click the clench jawed woman to access the article at CNBC.

The question I would ask is do these eggheads really even look at the same indicators we do? I have assumed so, but with their heretofore too dovish stance I actually wonder if they are watching the financial media for news items instead. Like alarming – and backward looking – inflation headlines. Seriously guys (and gals)?

It takes little more than a chart like this to realize that the Fed is grossly behind the bond market in its inflation hawk signaling and has been for most of 2022. When the T-bill yield started moving we immediately noted the need for the Fed to get its ass in gear. Yet it didn’t. Now it trots out a media jawbone like this? What kind of joke is this?

How about a little consistency, guys? It is going to be extremely unsettling if the public whose perceptions you are managing start to think you don’t know what you are doing other than reacting to the inflationary news of the moment.

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