Fed Williams, certified asshole from the Federal Reserve, said in a speech today that the ‘dot plot’ sketched out by the malevolent people at the Fed might be tweaked ‘here or there.’
I’m guessing that means more than 16 rate hikes, which is what the dot plot calls for, is in store–since these people are nuts.
Moreover and most importantly, he said economic data hasn’t changed since December, in spite of the market. He said the Fed was on the path to raise interest rates, in very plain words.
There “could be a tweak here or there” in projections known as the dot plot, Williams told reporters Wednesday in San Ramon, California. He declined to comment on whether he’d support a rate increase at the FOMC’s March 15-16 meeting, and said he won’t “opine” on how often policy makers will tighten borrowing costs this year.
Williams said economic projections haven’t changed by more than a “tenth here or there” compared to December, and he sees no signs of fragility in the U.S. economy. The Fed continues to be “on the path to raising rates.”
If it turns out more stimulus is warranted, policy makers should resort to forward guidance or more quantitative easing, he said. “We’re not doing negative interest rates.”
This news would’ve shaved a quick 300 off the Dow a few weeks ago. Now it’s viewed through rose colored glasses, since everything is magnificent again.
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Market is just on a Cocaine High from yesterday’s Draghi Letter and Abe Aid’s comments. Bulls are so addicted to Central Bank Coke. FOMC seems not as important as ECB and BoJ these days.
Nymph, while agree this market is and has been propped up by Central Bankers for many years now, you can’t honestly believe the ECB and BoJ are not as important as the FOMC. Your opinions, while bearish, are always thought out and I can’t ever blame someone for sticking to their guns. But you know as well as I do that your last statement is off just a bit.
@Boyaj, The Fed Futures has already priced in no rate hikes until maybe the end of the Year. All of the Fed talk seems to support that. So at this point, with no hikes or QE, jawboning is all that they could do? BoJ and ECB HAVE TO act this month or the market will throw the temper tantrum it did in December. So IMHO they are the ones to watch, but I could be wrong.