'Fed Chair Jerome Powell doesn’t know the answer, he knows he doesn’t know, and he knows you know he doesn’t know. So quit asking it.' -- RexNutting
Fed Chair Jerome Powell doesn’t know the answer, he knows he doesn’t know, and he knows you know he doesn’t know. So quit asking it.
Forward guidance For nearly two decades, the Federal Reserve has tried to be as predictable as possible, on the theory that the best way to conduct monetary policy is to give everybody a road map to where the Fed is likely heading. Forward guidance would let investors, traders, businesses and consumers set their expectations about monetary policy, and that would keep the economy humming along.
But once the Fed started to ease rates again, the strategy of forward guidance became a liability to the Fed. The dot plot now does more harm than good.Don’t pay any attention to our forecasts, he seemed to be saying, because we really don’t know what will happen next. We have no faith in our forecasts, and neither should you.
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