Bob McTeer, former governor of the Dallas Fed, was on CNBC today throwing shade at Yellen. He said the Fed was to blame for global rout, blaming it on ‘bad luck’ and timing. Also, he said the Fed could not go negative because of the mechanisms in place.
Bob McTeer is utterly useless.
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He makes some sense to me. Lord knows how Yellen and the rest of the FOMC folks could have been so blind to what was happening internationally. But other than that, it makes some sense to me. He’s certainly right that Yellen needs to show some concern over what all is happening and to not even consider raising rates in March.