Wishy-Washy Taper Drivel
Inquiring minds are mocking the Minutes of the FOMC Meeting of November 2–3, 2021
- Some participants suggested that reducing the pace of net asset purchases by more than $15 billion each month could be warranted so that the Committee would be in a better position to make adjustments to the target range for the federal funds rate, particularly in light of inflation pressures.
- Various participants noted that the Committee should be prepared to adjust the pace of asset purchases and raise the target range for the federal funds rate sooner than participants currently anticipated if inflation continued to run higher than levels consistent with the Committee’s objectives.
- At the same time, because of the continuing considerable uncertainty about developments in supply chains, production logistics, and the course of the virus, a number of participants stressed that a patient attitude toward incoming data remained appropriate to allow for careful evaluation of evolving supply chain developments and their implications for the labor market and inflation.
- That said, participants noted that the Committee would not hesitate to take appropriate actions to address inflation pressures that posed risks to its longer-run price stability and employment objectives.
What a useless, wishy-washy hoot.
Mish for President of the Dallas Fed
In case you missed it, there is an opening for President of the Dallas Fed.
I sent in my resume with a pledge to fire nearly the entire staff except for those working on plans to end the Fed entirely.
Please go to the Dallas Fed FAQ, look for the Orange Box "Apply or Submit a Candidate" and give them my name.
You can also Email them directly at email@example.com. The subject line should read Dallas Fed Presidential Search.
Thank you for your support. I look forward to serving you as president of the Dallas Fed.
My position will indeed be transitory. I pledge to fire myself within two years while accepting no pay in the interim.
By the way, about a dozen people emailed the committee nominating me and received responses thanking them.
Thanks for Tuning In!
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