This page has been archived and commenting is disabled.

Fed Tells E-Trade Baby What To Do, Jeffrey Lacker Edition

Tyler Durden's picture





 

Another faux-hawk takes the dovish tone and walks back the new normal 'template-less' Taper tantrum that Bernanke created...

  • LACKER SAYS FED NOT 'ANYWHERE NEAR' CUTTING BALANCE SHEET SIZE
  • LACKER SAYS 'MAYBE MARKETS GOT A LITTLE BIT AHEAD OF US' ON QE

So no tightening (duh). But Lacker, once upon a time a hawk too, just like Plosser and Kosher-Lakota (sic), tries to regain some credibility as follows:

  • LACKER SAYS HE WOULD BE `FINE' WITH FOMC TAPERING QE NOW
  • LACKER SAYS HE WOULD LIKE TO SEE FED BALANCE SHEET DECREASE

Equities jerked higher by 3-4 S&P points (bonds didn't) - so it looks like the impact of the jawboning is fading.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 06/26/2013 - 15:09 | Link to Comment Aknownymouse
Aknownymouse's picture

Folks. BTFD. the earlier you do it the better. Even the hawks got scared. Next meeting they might be talking about expanding the balance sheet.

Wed, 06/26/2013 - 15:10 | Link to Comment flacon
flacon's picture

Where do we go to see these Fed announcements? Is there a web site or is it on Twitter or something? How do they announce these things?

Wed, 06/26/2013 - 15:13 | Link to Comment azzhatter
azzhatter's picture

They must have Bennie all drugged up locked in a room at Princeton with LIESman blowing him

Wed, 06/26/2013 - 15:24 | Link to Comment CrimsonAvenger
CrimsonAvenger's picture

The good thing about Liesman blowing you is that you can rest your drink on his head. True story.

Wed, 06/26/2013 - 15:56 | Link to Comment TheTmfreak
TheTmfreak's picture

Zero credibility.

You dont' have credibility if you say one thing and use the term "we" in claiming something and then use "I" to say the exact opposite.

Wed, 06/26/2013 - 15:14 | Link to Comment FL_Conservative
FL_Conservative's picture

Market is back to full retard mode....AND PM's getting monkey-hammered.  Fucking Draghi must be blowing it in his shorts right now.

Wed, 06/26/2013 - 15:28 | Link to Comment ZerOhead
ZerOhead's picture

Through the network of primary dealers first...

Wed, 06/26/2013 - 15:11 | Link to Comment john39
john39's picture

back to bad news = moar good news...   the weak GDP number today was just what the money whores needed...

Wed, 06/26/2013 - 15:18 | Link to Comment kaa1016
kaa1016's picture

Buy this market? No thank you. All of these central bankers are scared that they are losing control. Like I said before, once people lose confidence in the narrative that central banks are omnipotent, and proven that they are incompetant, we will have a repricing of risk assets like we saw back in 2008. It's already started.

Wed, 06/26/2013 - 16:09 | Link to Comment obejoyful
obejoyful's picture

Shit for brains

Wed, 06/26/2013 - 15:09 | Link to Comment slaughterer
slaughterer's picture

Dudley tomorrow.  ES 1624 test of lower trend line on Dudley tomorrow.

Wed, 06/26/2013 - 15:19 | Link to Comment Aknownymouse
Aknownymouse's picture

In addition to a huge POMO injection tomorrow. Good luck with that if you are short. Cover now or cover 3% higher.

Wed, 06/26/2013 - 15:25 | Link to Comment slaughterer
slaughterer's picture

Thursday is the new Tuesday.

Wed, 06/26/2013 - 15:44 | Link to Comment Cacete de Ouro
Cacete de Ouro's picture

Dudley's an asshole....

Wed, 06/26/2013 - 15:10 | Link to Comment So Close
So Close's picture

I think I am just going to sit back in cash... ignore all the crap... and wate for the correction and then ride it back up.    PM and miners as well.

Wed, 06/26/2013 - 19:29 | Link to Comment Ronaldo
Ronaldo's picture

Excellent plan.  I am with you.

Wed, 06/26/2013 - 15:10 | Link to Comment FieldingMellish
FieldingMellish's picture

I guess that chimes in with the talking heads explanation of why gold is dropping like a stone on the back of the taper... oh wait.

Wed, 06/26/2013 - 15:28 | Link to Comment gjp
gjp's picture

They'll trot out all sorts of explanations for this, but nothing washes except 'this is where the authorities want it to be'

Wed, 06/26/2013 - 15:10 | Link to Comment BadDog
BadDog's picture

That the idiot public would believe anything that comes out of the mouth of these sociopaths is beyond me.

Wed, 06/26/2013 - 15:13 | Link to Comment Aknownymouse
Aknownymouse's picture

Those sociopaths are the ones deciding how much interest you will pay on your loans and ultimately how much taxes you will be paying. Ignore them at your own peril.

Wed, 06/26/2013 - 15:41 | Link to Comment NotApplicable
NotApplicable's picture

Well, somebody doesn't seem to agree with that sentiment.

Wed, 06/26/2013 - 15:44 | Link to Comment Aknownymouse
Aknownymouse's picture

Unfortunately it is not just an opinion. It is reality. People should either accept it or change it. Just insulting those people will not change anything. Elect people that will change things.

Wed, 06/26/2013 - 15:18 | Link to Comment ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Thats the most damning thing of all.  They don't belive it either.  They think that other people beleive it and so they will take a position in front of them.  Only they know the truth and will be able to get out of the way before things turn.

 

It was the same during the housing bubble.  Lots of people buying condos on margin saying, "real estate never goes down".  When pressed they say, "well a crash would be so devastating the govt would have to bail us out anyway".

 

These arent just the finance psychopaths (who you must admit do pretty well living this way).  These are many of our neighbors and co-workers.  They are OK with taking advantage of the stupidity of the people around them and are OK with lying to them or at least not helping them see the truth.

 

See how much respect they have for your property or privacy rights when TSHTF.

Wed, 06/26/2013 - 15:45 | Link to Comment SheepDog-One
SheepDog-One's picture

Well, Homo Sapiens love being told what to do and what to think by 'authorities'....TPTB discovered this and have been using it for thousands of years to control the world.

Wed, 06/26/2013 - 15:13 | Link to Comment venturen
venturen's picture

Printers full steam ahead...there will be not stopping....

Wed, 06/26/2013 - 15:15 | Link to Comment buzzsaw99
buzzsaw99's picture

lame compared with fisher.

here's what he should have said:

If you don't buy stocks you are a big poopie headed ninny muggins!

Wed, 06/26/2013 - 15:21 | Link to Comment pods
pods's picture

We need Banzai to rework the old "If you don't buy Windows Vista we'll kill this dog."

http://www.myconfinedspace.com/wp-content/uploads/2007/06/vista.jpg

pods

 

Wed, 06/26/2013 - 15:15 | Link to Comment Aknownymouse
Aknownymouse's picture

Now it might be time for the vix to reverse spike. Revisit the 90 s days of single digit VIX.

Wed, 06/26/2013 - 15:15 | Link to Comment fonzannoon
fonzannoon's picture

This is now a coup against an eviscerated Bernanke.

good theatre

Wed, 06/26/2013 - 15:23 | Link to Comment Al Huxley
Al Huxley's picture

Yeah.  You know, I can never quite decide what to think about Bernanke, but I generally lean to the opinion that he actually pretty much is just an academic who really believes his own bullshit - who REALLY was 'puzzled' by the sudden spike in yields last week, who's even more puzzled now - like 'but if the economy's getting better then rates should be rising, but then so should stocks, so why do stocks only go up when the economic news is bad, and why do bonds only go up when we promise to buy more of them?  Most puzzling, I must consult my textbooks'.

Wed, 06/26/2013 - 15:53 | Link to Comment disabledvet
disabledvet's picture

the Sphinxer.

Wed, 06/26/2013 - 16:23 | Link to Comment NoDebt
NoDebt's picture

I agree, Al.  I'm nothing special when it comes to 'reading' people but I'll be damned if that man's face didn't tell what he was thinking.  "This shouldn't be happening."  He really did not understand.

Quick reminder: It was Bernanke himself who said he was going to leave "cleaning up the mess" to the next guy.  I take him at his word on that.  He will exit the chairmanship with a perfect, unblemished record of never tightening monetary policy at any point in his term.

Wed, 06/26/2013 - 15:31 | Link to Comment Dr. Engali
Dr. Engali's picture

These people are going to fall over each other posing as the biggest printer while they are publicly applying  for the Bernank's job.

Wed, 06/26/2013 - 15:17 | Link to Comment Dr. Engali
Dr. Engali's picture

Yep no tappering ever, no run off the balance sheet ever..there will only be moar.

Wed, 06/26/2013 - 15:21 | Link to Comment fonzannoon
fonzannoon's picture

one month 125 billion, next month 40 billion, next month 95 billion.

Only those on the list get to know in advance.

 

Wed, 06/26/2013 - 15:19 | Link to Comment pragmatic hobo
pragmatic hobo's picture

it's quarter end ... market will jerk higher if bernanke farts.

Wed, 06/26/2013 - 15:21 | Link to Comment slaughterer
slaughterer's picture

bernanke wil fart tomorrow...

Wed, 06/26/2013 - 15:30 | Link to Comment caimen garou
caimen garou's picture

I hope he farts so hard that he blows the gasket out of his ass and all he can do is shit himself

Wed, 06/26/2013 - 15:20 | Link to Comment azzhatter
azzhatter's picture

The desperation of these thuggish cockknockers is laughable

Wed, 06/26/2013 - 15:20 | Link to Comment thismarketisrigged
thismarketisrigged's picture

why are these assholes talking during market hours? just shut the fuck up u fucking piece of shits and let the market run its course.

 

also, if they wanted to talk, why today of all days when the market is up already?

 

save it for another day.

 

only in the u.s can markets be up 1 plus percent on a horrendous gdp print. i guess gdp means nothing now. lets wait for real data like consume confidence, that is a reliable data, lol.

Wed, 06/26/2013 - 15:27 | Link to Comment yogibear
yogibear's picture

The Federal Reserve has become a reckless ponzi  game.  Keep Juicing equities and housing until the US dollar crashes and burns. 

 

Wed, 06/26/2013 - 15:35 | Link to Comment azzhatter
azzhatter's picture

GDP is only important if it's very good. Otherwise it's irrelevant and not accurate

Wed, 06/26/2013 - 15:42 | Link to Comment JFKFC
JFKFC's picture

Do you know what's even more full-retard than full-retard?
Consumer spending is 70% of GDP.
How the fuck is consumer confidence raging high with a -0.5% Q1 GDP revision?
Jesus, Mary & Joseph... John, Paul, George & Ringo too.

http://youtu.be/Lnxo7zNZxnc

Wed, 06/26/2013 - 15:23 | Link to Comment Xibalba
Xibalba's picture

got gold pummled, now they can talk about destroying dollars and savers again

Wed, 06/26/2013 - 15:24 | Link to Comment yogibear
yogibear's picture

Dudley and the other Fed members get on and keep juicing the stock market tomrrow.

It's QE until the US dollar dies.  

The Fed is has become the casino boss. Deciding the winners and loosers. 

Talk of increasing QE soon? Place your bets. 

 

Wed, 06/26/2013 - 15:25 | Link to Comment fonzannoon
fonzannoon's picture

let them ramp up stocks at the close of the quarter. People will see the pain only in their bond funds and dump them en masse next two weeks.  Yields go higher and we keep living the dream.

Wed, 06/26/2013 - 15:25 | Link to Comment Frank N. Beans
Frank N. Beans's picture

Taper on

Taper off

Taper on

Taper off

-- Karate Kid

Wed, 06/26/2013 - 15:27 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Flow vs stock.  I bet on flow.  If the flow ever starts subsiding, it is game over for the economy.  Way too much leverage in the system.

Wed, 06/26/2013 - 15:45 | Link to Comment NotApplicable
NotApplicable's picture

In a market economy, sure. But in a political economy, the lower the flow, the easier to maintain the quo.

Wed, 06/26/2013 - 16:21 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Well done NA....

Wed, 06/26/2013 - 15:29 | Link to Comment thismarketisrigged
thismarketisrigged's picture

shouldnt gold be rising dramatically with all this dovish talk?

 

it makes no sense how gold gets punished while they continue to give signs of not tapering, while the u.s dollar continues to strengthen.

Wed, 06/26/2013 - 15:33 | Link to Comment fonzannoon
fonzannoon's picture

it kills me to see you asking confused questions like why isn't gold rising and it makes no sense how gold is punished.

You need some device that points to your name.

Wed, 06/26/2013 - 15:42 | Link to Comment thismarketisrigged
thismarketisrigged's picture

lol, im just asking it out of frustration.

 

i understand why obviously, because these markets are manipulated by a bunch of fed members and central bankers around the world.

 

i just want the crash to come already.

Wed, 06/26/2013 - 15:46 | Link to Comment NotApplicable
NotApplicable's picture

"Something, something, irrational, something, something, solvent."

Wed, 06/26/2013 - 15:46 | Link to Comment SillySalesmanQu...
SillySalesmanQuestion's picture

lol...+1 fonz....brilliantly lit neon device

Wed, 06/26/2013 - 15:39 | Link to Comment thelibcentury
thelibcentury's picture

it makes perfect sense.

 

the price of gold is falling. the value has been increasing for years. stop thinking of things in terms of a zombie currency ($)

Wed, 06/26/2013 - 15:46 | Link to Comment FuzzyDunlop21
FuzzyDunlop21's picture

You're thinking about this too much (ie, at all). Everything is bearish for metals, but bullish(!) for equities.

Wed, 06/26/2013 - 15:56 | Link to Comment thelibcentury
thelibcentury's picture

equities are bullish for equities.

bullshit is bullish for bullshit.

everything is bullish for unicorns.

Thu, 06/27/2013 - 05:07 | Link to Comment e-recep
e-recep's picture

liquiditiy freeze in china. chinks dumping paper commodities. does it makes sense now?

Wed, 06/26/2013 - 15:33 | Link to Comment Aknownymouse
Aknownymouse's picture

Thanks for the guy dinging my posts. He must be the nervous short here.

Wed, 06/26/2013 - 16:09 | Link to Comment Frank N. Beans
Frank N. Beans's picture

fuck this shit i'm buying some phyz just because i like to look at it

that should be good enough reason at this point

Plus I'm a barbarian.

 

Wed, 06/26/2013 - 17:13 | Link to Comment Mike Cowan
Mike Cowan's picture

I love the E-Trade Baby.

Wed, 06/26/2013 - 17:45 | Link to Comment Yen Cross
Yen Cross's picture

    All the fed is doing is trying to take some of the froth off the markets. The problem is that Qe is not effective anymore, so now  everyone knows what will happen to the markets if they lose their daily heroin injection.

    What happened today was a classic case of "Beer Goggle" syndrome. That awesome woman that you slept with last night while you were hammered turns out to be a "bush pig" the next morning. To make matters worse, she calls you in a week or two and tells you that she's pregnant.

Wed, 06/26/2013 - 18:50 | Link to Comment nightshiftsucks
nightshiftsucks's picture

Okay Yen,that was funny

Do NOT follow this link or you will be banned from the site!