Plosser and Bernanke Biggest Market Movers of 2009
Chuck Plosser demonstrates the figurative balls
by which the Fed has you.
Awww poor Chuck coming in a "distant second" to Zimbabwe Ben. My heart goes out to you homie.
WSJ Real Time Economics
Macroeconomic Advisers‘ annual ranking of Federal Reserve officials who most moved markets in 2009 has unsurprisingly pegged Chairman Ben Bernanke’s comments as most influential.
But in what could be a bit of surprise, Philadelphia Fed President Charles Plosser came in a “distant second” to the chairman — even as the report said markets reacted “especially aggressively” to his comments. Dallas Fed President Richard Fisher came in third as market mover, followed by San Francisco Fed President Janet Yellen, who may soon be elevated to Fed vice chairman with the coming retirement of Donald Kohn.
The report was issued by the well-known economic forecasting firm Thursday and was written by Laurence Meyer, a former Fed governor, and Antulio Bomfim. It acknowledged some Fed officials are uncomfortable with being ranked on their ability to move the bond market.
Rankings were based on the influence a given Fed official’s remarks had on the two year Treasury yield — it’s particularly responsive to monetary policy-related issues — over a 2 1/4 hour window. Speeches that occurred at the same time as major economic releases or coincided with speeches by other central bankers weren’t counted. The twice-annual congressional monetary policy testimonies presented by the Fed chairman were also exempt from the rankings.
To Plosser's credit, he's less of an idiot* than Bernanke.
*Using Jr Deputy Accountant's not patented "Fed Asshat Scale of Asshattery", we've been able to conclude that Plosser is 34% less blind than Bernanke and 47% less likely to say something asinine.