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Dudley Speaks: "Taper May Be Appropriate Later In 2013"
Anyone expecting NY Fed's Dovish "edible iPad hedonic adjustments" expert Bill Dudley would join the hawks in being an uber dove, just hot spanked:
- DUDLEY REITERATES QE TAPER MAY BE APPROPRIATE LATER IN 2013
- DUDLEY REPEATS UNEMPLOYEMENT MAY BE ABOUT 7% AT QE BUYING END... and higher when Tapering begins?
- DUDLEY SAYS REDUCING QE BUYING WOULDN'T MEAN POLICY TIGHTENING
- DUDLEY SAYS FED WILL PROBABLY KEEP MOST ASSETS FOR A LONG TIME
- DUDLEY SAYS `MEASURED' QE TRIMMING MAY OCCUR IN 1ST HALF 2014
- DUDLEY: ECONOMY MAY `DIVERGE SIGNIFICANTLY' FROM FOMC FORECAST... May?
- DUDLEY SAYS QE MAY BE PROLONGED IF ECONOMY MISSES FED FORECASTS
- DUDLEY SEES `A GREAT DEAL OF SLACK IN THE ECONOMY'
Welcome the latest rabbit hole in Bernanke's centrally-planned bizarro world, where hawks are doves, and doves are hawks.
In other news, since the US Treasury continues to issue less gross debt which the Fed has to monetize without impairing the privately-held merkatble debt, the Fed has no choice but to Taper its purchases. Which is the whole point after all.
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Quick, short everything.
Alright, but beware of trap ...
IT'S A TARP!
I'd have thought such an announcement would mean the 'gold' price dropping at least another $200/ounce.
Must try harder, Mr Dudley!
Watch out....the retards think they have full control.
Cannot we at least get a uniform, consistent policy comment?
This is a bona fide communications clusterfuck
All seems bullish(it) to me
When a European does something stupid... everybody looks to it and say: "DAMN THAT WAS A STUPID THING TO DO!"
When a American does something stupid... everybody looks to it and say: "THE COMPLEXITY OF THAT STUPID MOVE PROVES THERE MUST BE SOME REASON FOR IT! SO MAYBE IT'S NOT STUPID!"
See? Americans do everything better.
wait...we still have a full day of fedspeak to refute everything and then refute that and then agree with the refutation in order to refute the agreement
Roomful of jumpy cats, Fed laser pointer, you do the math.
Pickin' up nickels in front of a steamroller, do ya feel lucky?
I'm not that old, but I can still remember when "investing" was done for return in say, 8 years, rather than 8 hours.
I am that old, and rest assured that these days are gone ....
Funny, the puppets at CNBC have a breaking news headline on there site running right now, "Fed Dudley says MORE QE possible if market worsens"
Taper my ass!
CNBC needs to motivate the suckers to buy this "rally".
Typo, S/B 2103 not 2013
ordo ab chao gentlemen
They can never stop printing and they never will.
US debt and unfunded liabilities rising $8.55 trillion a year for the next four years per USdebtclock (that website is currently down thanks to the NSA, I presume). It is highly unlikely that the Fed can stop printing though it must constantly threaten to taper to control the bond market. The Fed wants its cake and wants to eat it too.
http://www.usdebtclock.org/
Crap, this guy's quotes and rediculous claims are getting close to being more honest than the FED.
http://www.welovetheiraqiinformationminister.com/#quotes
This QE induced rally in gold is spiraling out of control.
No kidding - better get out with some tough talk. It's great that they are so sophisticated and they have so honed their craft to talk down gold and gold alone while stocks, bonds, and oil just keep on happily rising. What a wonderful world
If there is any silver lining here....Hilsenrath...Liesman....Dudley....Gross....Gundlach....Kutchacockoff....
and yields still above 2.50%
These guys are out right now for one reason. to Get yields down a lot further from here.
+100. And it ain't workin.
Seriously thinking of buying a 100 coin bag of morgan's this morning. we bottoming out at 18 fonz?
we bottomed at $30. I am sure of it.
Deflation scare number 346 is over, buy buy buy.
Silver For The People
I am reminded of the story about FDR just picking a number out of the air every morning for the price of gold.
I am reminded of the US economy finally recovering when FDR died and went straight to hell.
Too bad i only have 1up arrow to give or you would be an up arrow zillionaire. Hope he is in a special place in hell with Woodrow Wilson.
Every junky would say he can stop whenever he wants, and yet, he needs more and more.
Every junkie's like a setting sun.
Bond bounce about over....going to take another leg down here.
why hasn't Hillsy interpretated these comments yet? What he meant to say was.....
who can believe anything these guys say? Me, I think that Jamie told Ben this morning that he doesn't have quite enough gold and silver yet to fill their tanks, so....
a little more taper talk,please. And, could we think about sending some bombers over India to get those people thinking about something OTHER than trying to figure out how the hell to get out of the rupiah and into gold?
Wow, look at that huge waterfall in the S & P, bitchez... a whole... 3 points!!!
he had the easy chair today jawboning in the face of 5B POMO.....kinda like trying to pee into a firehose
He is interviewing for the Chair job. He will say whatever is needed to get a headline. "look at me"... "I should be the next FED chair"...
sorry, job's already Janet's....she promised to blow more bubbles....and probably Jamie and Lloyd as well.
I think you're both mistaken, Bernanke and Yellen answer to this guy, not the other way around.
The William Dudley is in charge at the NYFED and a major player at the BIS. That's where the real power resides.
You could argue that's exactly why he won't be given the job. A catspaw like Yellen or Summers would be less likely to draw attention to the power behind the moneythrone..
Yes. Dudley has always moved in the shadows, right where they want him. Not one in a hundred Americans has ever heard of this guy, and know very little about him or what he does.
He was with Goldman Sachs for 20 years (head economist) and is the main guy on FOMC matters, not to mention his BIS job (chairman of the Committee on the Global Financial System).
http://www.newyorkfed.org/aboutthefed/orgchart/dudley.html
Wait. I thought the real power players were the mid-east tribe whose name cannot be mentioned... I think I remember Francis saying that.
Is Mr. Dudley not a top heirophant of fermented dairy products then?
According to CNBC he also said QE may INCREASE if labor market stays sluggish. If true, he has taken talking out of both sides of his mouth to Draghi proportions
Has any Fed head uttered "will do whatever it takes" yet?
If not, then Draghi still takes the cake.
To anyone who did not see it.
Just go to 4 mins and 58 seconds in. Color CNBC surprised.
http://video.cnbc.com/gallery/?video=3000178785&play=1
This should be good for a $100 drop in PMs.
yawn.
Translation:
"The world is in a full on collapse and we are doing trillions in secret bailouts we are not telling you about. The numbers are so huge I just pooped a little bit . QE5 will have to be announced as a cover to explain where all this money came from if we can't get it back. And, I may be a giant moron with a shitstain on my pants, but I am pretty certain we can't get it back."
"we are doing trillions in secret bailouts"
Until we get it in our heads that this is what has to be going on, we just won't "get it."
I said this over at Mish's last year and while he did not throw me off the the board, he did call me stupid and suggest that they cannot just print. I like the guy but gotta admit it hurt a little.
Once you engage in criminal behavior, and see it as normal, the flood gates are open, it is all happening.
I just heard Schiff say he sees no evidence the gold market is manipulated.
Makes you scratch your head listening to these people
I would quit listening to both of those guys if that's what they are saying.
BNN is running anti gold propaganda all day long now. Supply is going to get crushed now but not one of them talks about the increasing demand. It's fucking comical.
Two thoughts on that:
1. I wonder if they don't want to appear to be conspiracy theorists and have the rest of their stuff dismissed because of it.
2. I wonder if they are still clinging to the system, that the next move, to own just how lawless and disordered things are, is simply too much to digest and live with. They can't do what they do if they think the system itself is so derailed that it can't work.
3. In Schiff's case, maybe he has a different definition of manipulation than you and I do.
Keep it simple.
Propaganda is telling people what government wants people to hear/know as to influence what government wants people to do.
Gold bashing has become so obvious now that it should dawn even to the last gold hater out there that owning physical gold (not the fucking paper) is THE ONLY way to store wealth. Deflation my ass.
Mines will shut down, exploration will not find funding and the availability of the metal will become less and less. Demand may even just stay same.
The metals are on sale at a HUGE discount. Who in their right mind is not buying PMs when shiny stores of wealth are on sale?
Who knows why the price collapsed? Who cares? Some are liquidating paper. Maybe they truly believe in the old paradigm that the US will recover and gold as safe haven is now over done. Maybe they sell the paper to buy physical. Who knows? Nobody knows for sure.
All I know is that a silver is 50% off from last year and gold is off 30%. ON SALE. I can buy more of the same with equal amount of money.
Don't take it too seriously there Miss. Some years back, around 08 maybe, Mish snapped at me for suggesting the Fed would absorb toxic MBS trash before this all ended. 'Such "blasphemy" was against Fed Charter and would never be permitted.' (para)
Charge card debt and junk bonds next up on their Christmas list?
I explained the Fed is a branch of the Pentagon and the Justice Department when it comes to license to kill and commit larceny. They can do any damned thing they want. Their disclaimer will always be "The ends justify the means."
Ain't absolute power grand?
They are trying to manage their bubble so it doesn't blow up in their face.
are you saying that they may actually try being PROactive instead of REactive? I always thought no matter how complex an economy became economists always watched the most lagging indicators possible / s
Trying to figure out how to let the air out slowly. Maybe they should just refer to all the other bubbles that have been successfully deflated rather than popped. Nothing's coming to mind, but smart guys like them, surely they can google it.
Ohh here comes the good cop. Bad cop Bernanke said a few days ago time to taper QE and the TBTF institutions didn't like hearing that. Now good cop no-good-Dudley is telling everyone that if unemployment happens to go up, 'let us eat QE'. How about fuck you. How about, 'let them eat out of my ass'.. How's that for hedonic adjustments?
I was thinking the same "good cop, bad cop". 2 more Fed guys to talk today. Let's see if they balance each other's views and confude everyone just before the en of month ramp tomorrow
They're just trying to jump in front of the shit storm they created to instill an image of some sense of control. Then stay far enough ahead of it that it doesn't bite 'em in the ass on this watch.
Like the old yarn of the guy falling from the 20 story building, yelling "OK so far" on the way down, kinda.
Sure, they'll taper slightly if the gubbermint cuts the budget deficit, which it won't.
It's kinda like tying some safety kite string to a nuke that's just shot off the launch pad.
If only Salvador Dali were still alive to paint us a picture of it. He was a master at visual portrayal of the surreal and simultaneous plurality of existence and its interpretations in the mind’s eye. This could easily have been the foundation for his greatest work ever. Hell, he could probably just take a photograph of the next FOMC meeting and achieve that goal.
WB7 will take care of that ;-)
Economy's getting quite a bit stronger off of his remarks. I wonder how many new jobs were created when he opened his mouth on this? TLT 'well off the highs, well off the highs'.
I just bought a bag of dicks on Ebay and sent it to him to suck on. Just doing my part to goose GDP.
Dudley needs new Knee pads because he services Lloyd Blankfein so much.
New or used?
The FED is getting desperate. Stocks, bonds, stocks, bonds, shit what should we save?
so let me get this straight.
whenever the dow is down god forbid say 150 pts, no matter what happens the next day we must be green.
however, when the market has 2 triple digit up days on absolutely horrid news about gdp, not only do we continue to go up, but we break those new highs from the previous 2 days.
ok i got it.
imagine if bernanke, yellen, and all fed members were killed , imagine how far the markets would tank.
Dunno. Might make everyone hopeful and improve the economy for a while.
Worked that way in Zimbabwe for a while as well.
Ben is just following their model 'cause it worked so well.
maybe yes, maybe no, the markets do whatever the fed wants. RIP free markets
A late addition to today's calendar: Bernanke's nephew, age 6, will be speaking at an undisclosed elementary school teacher's lounge at 11:15, just after the KC Fed. Initial press releases of his comments to Liesman suggest he'll say "bond traders stink, just like smelly gym socks." He plans to conclude his remarks by thanking his uncle for the candy, and will ask us all to do the same.
"DUDLEY SAYS FED WILL PROBABLY KEEP MOST ASSETS FOR A LONG TIME"
I'm no eCONomist, but how anyone can call MBS and T-Bills "assets", is beyond me...
The problem with them wasn't that they were worthless. the problem was that each MBS had a small number of "less than AAA" mortgages rolled into the bundle, MOST of which actually WERE AAA mortgages. With the number of "less thans" in each MBS unknown, the risk presented by EACH MBS thus became unknown, and thus unmarketable. So even though the MBS' could not be valued accurately (and thus could not be put on the bank's balance sheet), that does NOT mean that they are anywhere near "worthless." ie the FED took advantage of the bank's position (in extremis) and stole them from the banks and is now looting the payments.
Polly getting their negatives confused.
-1 + -1 = Oh shit.
LOL!
Shhhh! You're interrupting the "Polly"anna Party!
OK now everyone SWITCH HATS!!
DUDLEY SAYS FED WILL PROBABLY KEEP MOST ASSETS FOR A LONG TIME
Well, DUH! With the FED holding $2 TN in MBS' that it didn't even have to pay for (just made an entry in the bank's reserve acct at the Fed and didn't allow the bank to draw on it)... $2 TN of MOSTLY AAA mortgages that the FED is collecting monthly mortgage payments on (mortgages at 8% and higher) ...and that they pay next to nothing in "interest" on to the bank...
Yeah. I'd say the FED is going to be holding "most assets' for a "long time".... say about 15 or 20 years... or until they crash the USD and the makers can't make the payments anymore. THEN they'll dump them back on the banks!
nice gig
the Hedge aside, because it is exempted always, the place that keeps sanity...so with that disclaimer:
Someday,,,,,
There will be a day when the entirety of a society isn't based on what some clueless tools in suits say from day to day. There won't be failing financial shows yammering on and on. People won't be talking about speculating all the day long. A world without a Federal Reserve middle man in your every effort and toil. A political system of true representation. A world of substance awaits. True miracles. Life will be incredible again.
And Yes, WWIII will be quite a price to pay to get there, but it will be damn sure worth it to eradicate the filth of what Today has become.
He'll correct himself later and say he meant TARP.
OK now we're starting to see the "Dudley speaks" gold smash.
So, effectively the Fed is just printing whatever amount of money the government wants to spend, since no one else will loan it to them at these rates. Simple enough. But, they still have to keep Wall Street dealers in the loop so they can profit from the process because………well you know, like storing all that silly gold in their valuts(or maybe not), it’s a tradition.
Appropriately named, Bill DUDley!
Who needs an economy? We have PRINTED prosperity now!
The title should be "Dudley said :Taper can be increased"