by Jake Morphonios
(libertarian)
Sunday, November 24, 2013
Publicly, outgoing Fed Chairman Ben Bernanke and incoming Chairwoman Janet Yellen are telling the public that all is well and that they don't anticipate any changes to its policy of quantitative easing and rock bottom interest rates. But I just got done reading through the minutes of the October Federal Reserve Board of Governors meeting and I'm getting a very different picture.
If you want to peruse the minutes yourself, here is the link.
But I've done the sifting for you and have a summary and commentary. Among the pages of meeting minutes, I took note of the following points (craftily worded to suppress significance):
The forecast for GDP growth is down.
Consumer spending is trending down.
Concerns about the fiscal situation are up.
Due to depressed economic activity, markets are anticipating the Fed will raise rates in the near future.
The course of fiscal policy set by lawmakers is very uncertain.
It appears that economic growth cannot happen without continued low rates and a significant drop in unemployment.
Slower growth productivity has become the norm.
The committee remains committed to strategic release of Fed data (basically, they worry about how to spin the story).
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1 comment:
The bubble is going to pop and the house of cards will come down but not until the timing is just right for Obozo the brown clown.
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