Two two things of note.
- Dudley is the most important Fed members, because he’s from the NY Fed, the home of Wall Street.
- The new ‘above trend’ growth rate for the economy is 2%. This is a perversion of reality. The middle class is unable to thrive at such a paltry rate.
Fed’s Dudley says U.S. economic growth above trend; sees Q2 improving from Q1; was surprised by Q1 weakenss
The Fed and others in government aren’t stupid. They are nefarious scoundrels. By calling them stupid, you give them a pass and exonerate them for their actions. If they were considered to be nefarious in their dealing with the economy, you’d start to see that their intentions aren’t wholesome, but malevolent.
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That closing paragraph was phenomenal. People can get elected based on their honesty and charm up to a certain level, then it takes a different skill set to get further. What does it take when it comes to positions for which they are not elected but appointed. Hmm.
One of the many things that infuriates me about Fed conjecture is their double-speak regarding the GDP data. They seemingly dismiss Q1 GDP data, even though this country barely eked out positive GDP growth; yet, if we grew at 3% in Q1, the Fed would be clamoring and highlighting this data point.
I can’t locate them now, but I read articles from two different major banks where they looked at the correlation between FED rate hikes and they found that the equity market performance mattered more than inflation or unemployment in the FED’s decisions.
“Data driven” = what does the market want?
Live meeting sounds like they’re going to pull out rifles and start blasting people.
The Fed is as opaque as China. You can’t get a consistent message out of them nor do they say clearly what their inconsistent messages are based on. Whatever it is they are doing, for whatever reason, could probably be easily done by a cretin. So they may indeed be stupid. But that doesn’t mean they are not also manipulative or criminal or who knows what else. The only thing you can be sure of is that they are is powerful.