The Federal Reserve should have started raising rates a year or two ago–we all knew it–but they insisted on waiting until last month to do the deed.
Now they are raising rates and even the most dovish of them is advocating for strong rate increases and even an immediate move to reduce the size of the balance sheet.
Hearing Fed Governor Brainard’s speech yesterday was a joke–for years she wanted low rates and pump, pump, pump. Now she sounds like the biggest hawk. What the hell happened to ‘data dependent’?
So anyway we have the FOMC minutes released in about an hour. We had 1 Fed governor speak already today and we have 2 tomorrow–including Bullard-the biggest hawk of the hawks.
Hang on–we’ll get these clowns done with and then get back to letting markets decide where to go.