Fed's Sack: Let's Buy Up Everything That Isn't Nailed Down!
Sigh. Do they ever learn?
Further asset buying by the Federal Reserve would help spur the economic recovery, and a small-step approach would enable the U.S. central bank to be more responsive to evolving conditions, the head of the New York Fed's markets group said on Monday.
Brian Sack told a conference in Newport Beach, California that whether the Fed's policy-setting committee decides to do more to support the economy depends on how policymakers view the costs and benefits of further asset buys.
But Sack, who briefs the Fed's policy-setting committee on market conditions, said in his view the arguments that further purchases won't affect the economy were "overstated".
Once again it is appropriate to point out that the Fed just doesn't give a fuck anymore. We're doomed and they are ready to buy up everything that isn't nailed down to "fix" the problem without stopping to realize that buying up everything that isn't nailed down IS part of the problem.
It isn't a question of "how" but of "how much".