The Fed may have finally taken speaking out of all sides of its mouth a step too far. Enter GMP's Adrian Miller with the best roundup of the sheer indecipherable gibberish just excreted by the Fed:
- "We are not sure how you can go from ‘many’ needing to see labor gains before tapering begins to half seeing bond buying ending by year end. At the same time, ‘many’ other Fed officials saw bond buying into 2014”
- "We are pretty good at math, but we are having trouble adding up the ‘many,’ ‘several’ and ‘about half’ to equal 100%
- FOMC members appear to have ‘‘decided to cover every possible scenario," and "left us with no clear picture as to what the group is thinking”
Great absurdist summary of a centrally-planned world that has been taken out straight from the pages of the Onion, but honestly, at this point who even cares anymore.
And if you thought the market's reaction was schizophrenic, remember that in 70 minutes Bernanke is speaking, again and about to usher in even more BS bafflements.