Being the Badass of the FOMC Isn't as Cool as it Used to Be
I'm kind of over it. But Kansas City Fedhead Thomas Hoenig is still putting on the brer rabbit show.
Mr. Hoenig offered a bit more explanation behind his dissent than he did at the January meeting. According to the FOMC statement, he “believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted because it could lead to the buildup of financial imbalances and increase risks to longer-run macroeconomic and financial stability.” (This meeting’s addition: the concerns about financial imbalances and longer-run stability. Translation: If there’s a bubble or runaway inflation, don’t blame me.)
Yeah? Excellent. Got 'em pegged. Waiting statement after statement for something we don't already know and a signal that the crackpipe stops here. Nothing. Extended period... yawn. Been there done that, got worked in a lather over it, moved on now, thnx...
And then Janet Yellen as Fed Vice Chair? Please. Being a badass isn't what it used to be on the FOMC isn't nearly as heroic as it appeared when things weren't so obviously fucked up, in fact I'm a tad amazed this guy is the only one. Really? No one else kicking and screaming? Threatening to bitch slap people if they mention F-bills one more time? Howling inflation! and smashing emergency glass?