I’d love to report something meaningful here. I read the minutes and all I got for it is this stupid blog post.
“The committee” said barring a deleterious economic headwind, raising rates would be appropriate. Yeah fucking right.
All of the morons at the Fed believed inflation was likely to rise above the 2% target. Real GDP was a little soft, causing them to back down from their neverending threats of hiking rates IN THE FACE OF AN EARNINGS RECESSION (emphasis mine).
Lastly, inflation expectations are bolstered by the stabilization of crude and forex, while a bump in resource utilization and wage growth should pave the way for–err-higher rates.
Does anyone believe this nonsense?
Separately, the Atlanta Fed’s GDPNOW lowered GDP estimates for Q2 to 2.4% from 2.6%–citing fucked up vehicle sales as one of the reasons.
The market is yawning this off, with the dow higher by 30+
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“Does anyone believe this nonsense?”
No. Is there anyone who doesn’t know by now that jawboning about raising rates is the new raising rates?
Nobody believes this nonsense, but everyone believes the guy next to him does. Believing others believe is the new killing it.
Jesus, look at those disgusting smoker teeth. Grandma Yellen needs some Crest Whitestrips.