Quote Of The Week

Our quote of the week award recipient is none other than Atlanta Fed's Dennis Lockhart for the following pearl of wisdom:

• LOCKHART SAYS FED WILL BUY BONDS UNTIL U.S. EMPLOYMENT IMPROVES.

Considering that employment is bad because of Fed "bond buys", which are preventing price clearing and discovery, and perpetuating the worst capital misallocation environment in the history of the world (if not for Apple's professional line waiters [6]), one should just replace "buy bonds" with "continue beatings" and "U.S. employment" with "morale."

And as a bonus:

• FED'S LOCKHART SAYS HAS CONFIDENCE FED WILL KNOW WHEN IT'S APPROPRIATE TO START NORMALIZATION OF MONETARY POLICY

Translation: 'New Normal' monetary policy is like porn