(This gag was first sent out on Twitter yesterday. For reasons that will soon become apparent, this succinct summation of the Fed will have to suffice.)
In watching Yellen's press conference yesterday, particularly her waffling about over the dots and the meaning of 'considerable time', it struck Macro Man that much of the Fed's communication strategy (authored by Yellen) is predicated upon a sad misapprehension that verbosity is equivalent to insight. Sadly, in the case of the modern Fed, the latter is altogether true. Watching reminded Macro Man of his days going to the footy.....
In watching Yellen's press conference yesterday, particularly her waffling about over the dots and the meaning of 'considerable time', it struck Macro Man that much of the Fed's communication strategy (authored by Yellen) is predicated upon a sad misapprehension that verbosity is equivalent to insight. Sadly, in the case of the modern Fed, the latter is altogether true. Watching reminded Macro Man of his days going to the footy.....