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"Not Patient" Fed Blames Snow For Weakness, Removes Calendar Guidance

Tyler Durden's picture




 

With everyone hoping that The Fed says something dovish (because after all stocks are 1% off their highs) there was some disappointment as the weakness was shrugged off as transitory:

  • *FED SAYS WINTER SLOWDOWN PARTLY REFLECTS `TRANSITORY FACTORS'
  • *FED SEES MODERATE GROWTH, JOB GAINS EVEN AFTER 1Q SLOWDOWN

In the end, once again, the dovish Fed provides just enough wealth-creating hope to keep stock dreams alive but knows it has to move sooner rather than later (keeping the "but we think the economy will strengthen" meme alive).

Pre-FOMC: S&P Futs 2099.50, 10Y 2.04%, EUR 1.1175, Gold $1210, Oil $58.85

 

Here is the best, and really only notable part:

Information received since the Federal Open Market Committee met in March suggests that economic growth slowed during the winter months, in part reflecting transitory factors. The pace of job gains moderated, and the unemployment rate remained steady. A range of labor market indicators suggests that underutilization of labor resources was little changed. Growth in household spending declined; households' real incomes rose strongly, partly reflecting earlier declines in energy prices, and consumer sentiment remains high. Business fixed investment softened, the recovery in the housing sector remained slow, and exports declined. Inflation continued to run below the Committee's longer-run objective, partly reflecting earlier declines in energy prices and decreasing prices of non-energy imports. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations have remained stable.

So the economy slowed down during a transitory winter... which means that the Fed will only hike from now on in California?  Real income rose strong... due to deflation, and "consumer sentiment remains high" as can be seen in the photo below.

To summarize.

*  *  *

As Forward Guidance remains a dim and distant bullshit dream...

*  *  *

By way of interest, since the March FOMC meeting, Oil is up 22%, Gold & Silver up 4.75%, Stocks and credit unchanged, and bonds modestly higher (lower in yield)...

 

*  *  *

Full Redline below...

 

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Wed, 04/29/2015 - 14:04 | 6043446 Pool Shark
Pool Shark's picture

 

 

Raise rates Yellen!! I Triple Dog Dare Ya!!!

 

[Not... Gonna... Happen...]

 

 

Wed, 04/29/2015 - 14:08 | 6043466 Id fight Gandhi
Id fight Gandhi's picture

Rates will never rise. They can't.

Wed, 04/29/2015 - 14:12 | 6043491 Xibalba
Xibalba's picture

until the BK of the US is needed to advance the NWO agenda that is....

Wed, 04/29/2015 - 14:17 | 6043523 knukles
knukles's picture

Removes calendar guidance.
Got caught with your pants down, huh?  Like global warming, the models don't work so reality must be wrong until it's too fucking wrong to be real.
Fucking Arrogant Shits.

Wed, 04/29/2015 - 14:21 | 6043542 Serfs Up
Serfs Up's picture

Cue the PPT and the newly installed Fed lackeys working at the CME to ignite a buying frenzy in 3...2...1....

You know, because the Politburo knows best what stock prices "should be."

/Higher.

Wed, 04/29/2015 - 14:29 | 6043569 giovanni_f
giovanni_f's picture

Today's priority was to stall a USD free fall. Tomorrow some regional FEDhead-asshole will provide the dovishness believed to be necessary and sufficient to prevent the asset-price-ponzi-scheme from going bust.

Fed has no strategy, is completely micro-event-driven.

Wed, 04/29/2015 - 14:27 | 6043577 onewayticket2
onewayticket2's picture

i think they will raise (token, small incr)

 

HOWEVER....

 

there will need to be a more significant "stimulus" to counterbalance it.....timed nicely with Hillary's need for a big hit.....like student loan forgiveness.  or suspended payments....or a return to subprime via some mortgage assistance.  it's all about November 2016

Wed, 04/29/2015 - 14:08 | 6043467 Headbanger
Headbanger's picture

Until they do

In June

Wed, 04/29/2015 - 14:11 | 6043484 Pool Shark
Pool Shark's picture

 

 

Care to put your money where your mouth is, Mook?

 

Wed, 04/29/2015 - 14:13 | 6043502 walküre
walküre's picture

what are you suggesting?

Wed, 04/29/2015 - 14:16 | 6043513 Pool Shark
Pool Shark's picture

 

 

Loser leaves town

[...and stops calling everybody "Mooks"]

 

Wed, 04/29/2015 - 14:24 | 6043560 walküre
walküre's picture

Where's the fun in that? Much better to remind loser of his loss at each and every opportunity. In fact maybe ZH should develop a score card for bloggers.

Wed, 04/29/2015 - 14:28 | 6043584 Pool Shark
Pool Shark's picture

 

 

So, you enjoy being called a "Mook" by Headbanger?

Well, you're right,... it will be so much more fun to rub his nose in it after Yellen comes up with another excuse as to why she didn't raise rates in June...

Wed, 04/29/2015 - 17:18 | 6044333 walküre
walküre's picture

been called worse and by people I actually cared about and thought they cared about me .... so yeah, whatever

another story for another day

Wed, 04/29/2015 - 14:16 | 6043518 mtndds
mtndds's picture

I knew they would fucking use the word "TRANSITORY"!!!  Damn I am getting good.  Since I am on a roll I am going to predict the PAC man will beat Mayweather this saturday.

Wed, 04/29/2015 - 14:58 | 6043476 KnuckleDragger-X
KnuckleDragger-X's picture

My crack dream is for Yellen to walk out and say we're gonna raise rates 400bps in the next six months... eat it bitches, then walk off.....

Wed, 04/29/2015 - 14:12 | 6043494 williambanzai7
williambanzai7's picture

Wed, 04/29/2015 - 14:14 | 6043506 KnuckleDragger-X
KnuckleDragger-X's picture

Your a sick, sick person WB... :-))

Wed, 04/29/2015 - 14:15 | 6043507 walküre
walküre's picture

doll has got a good size mouth on her

Wed, 04/29/2015 - 14:16 | 6043516 Looney
Looney's picture

I wouldn't touch that bitch with a 10-foot dick ;-)

Looney

Wed, 04/29/2015 - 16:23 | 6044052 Consuelo
Consuelo's picture

Memories of days past.   Were the good times of the 90's really 20 years ago...?

https://www.youtube.com/watch?v=byEGjLU2egA

Wed, 04/29/2015 - 14:16 | 6043517 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

Jump fuckers!

Wed, 04/29/2015 - 23:38 | 6045776 legend247
legend247's picture

I freelance over th? internet and earn about 80-85$ an hour. I was without a job for 7 months but last month my paycheck with big fat bonus was $15000 just working on my computer from my home for 5-6 hours. Here's what i have been doing... www.globe-report.com

Wed, 04/29/2015 - 14:04 | 6043447 Budnacho
Budnacho's picture

"This is what is sounds like, when Doves cry....."

Wed, 04/29/2015 - 14:04 | 6043448 Yen Cross
Yen Cross's picture

  A big nothing~burger just like I thought it would be.

Wed, 04/29/2015 - 14:05 | 6043449 Silverhog
Silverhog's picture

I must have ordered the Super Bullshit Package. 

Wed, 04/29/2015 - 14:05 | 6043451 Jonesy
Jonesy's picture

YAY!

Wed, 04/29/2015 - 14:09 | 6043452 NDXTrader
NDXTrader's picture

After all these years...I think I just heard a bear growl. Market is going to have to get them to back off (which will happen anyway). 20% down should do the trick

Wed, 04/29/2015 - 14:05 | 6043453 101 years and c...
101 years and counting's picture

the only thing that is transitory is a stock bubble.

Wed, 04/29/2015 - 14:06 | 6043454 ZippyBananaPants
ZippyBananaPants's picture

I did a transitory load in my pants!

Wed, 04/29/2015 - 14:06 | 6043455 Sutton
Sutton's picture

Call me when they raise rates

212-555-3847

Wed, 04/29/2015 - 14:17 | 6043522 Xibalba
Xibalba's picture

(212) 720-5000 <----that's the actual numba

Wed, 04/29/2015 - 14:06 | 6043461 sbenard
sbenard's picture

Heaven forbid that there should be weather in winter!

Wed, 04/29/2015 - 14:07 | 6043463 czarangelus
czarangelus's picture

It's never going to happen people. Quarter after quarter after quarter of depression will be explained by absolutely anything except broken socialist policies coming out of Washington.

Wed, 04/29/2015 - 17:01 | 6043608 Sorry_about_Dresden
Sorry_about_Dresden's picture

Policy is made in NYNY for the chosen ones in NYNY.

Washington hasn't made policy in 16 years. They want it to go to hell to give them an excuse to start shooting.

We need to start putting pressure on our Congressman to get out of this failed Union. I say we kick Manhatten out of the Union and start making them pay for EVERYTHING on their Island. No more federal assistance to NYNY. If they are so great let them pay their own way.

Fuck Wall Street.

Goldman-Sachs rigged Greece with currency and interest rate swaps to cook the book and now the EU/Euro is going in the toilet. Goldman-Sachs stole 14 trillion dollars from pensoiners in 2008 and paid $20 billion in bonuses just to throw it in our face.

Why do we allow this?

Wed, 04/29/2015 - 14:07 | 6043464 MFL8240
MFL8240's picture

This group is pathetic!  Time for Dow 20,000!!!

Wed, 04/29/2015 - 14:24 | 6043565 LooseLee
LooseLee's picture

Not gonna happen Pinko Fascist Commie! Not this year...

Wed, 04/29/2015 - 14:07 | 6043465 i_call_you_my_base
i_call_you_my_base's picture

The minutes should just say, "Maybe next year."

Wed, 04/29/2015 - 14:17 | 6043520 Winston Churchill
Winston Churchill's picture

In Jerusalem.

Wed, 04/29/2015 - 14:08 | 6043470 Jonesy
Jonesy's picture

Mmmm hmmm, very important work they are doing.

Wed, 04/29/2015 - 14:09 | 6043474 basho
basho's picture

who gives a s*it what the fed does

everything is FUBAR

can't we get off this simulated BS

and do something useful.

same toilet same turds

Wed, 04/29/2015 - 14:11 | 6043480 Salah
Salah's picture

Weatherbell says in its LT forecast: bad winter ahead.  And the solar guys are apoplectic over the Sun's continuing 30 yr. downturn in radiant heat.  Looks like a black swan to me.

Wed, 04/29/2015 - 14:11 | 6043481 JDFX
JDFX's picture

JESUS, does any journalist (or anyone out there) believe this bollox. Those poor, desperate, sods. 

 

 

 

 

Wed, 04/29/2015 - 14:11 | 6043486 NoWayJose
NoWayJose's picture

Amazing that they still have any credibility after years of talking out of both sides of their mouth!

Wed, 04/29/2015 - 14:12 | 6043493 Weaponized Innocense
Weaponized Innocense's picture

Well we have stuffed the channels just to hang on to a .2 GDP so that we didn't do a -2.6 GDP ... Is it time the markets woke up to reality or not?
Whatever....
Sooner or later... Whatever .....

Wed, 04/29/2015 - 14:13 | 6043496 rejected
rejected's picture

F O R W A R D      H O!

BTFD

Wed, 04/29/2015 - 14:13 | 6043498 Weaponized Innocense
Weaponized Innocense's picture

Stuffed channels mean that just ate up next quarters GDP if it were to be good...

Wed, 04/29/2015 - 14:19 | 6043536 Weaponized Innocense
Weaponized Innocense's picture

And stuffed channels if next quarter isn't a better GDP since consumers don't have the ability to stimulate us out if this.... Well stuff channels in an economy which is rolling over just gave us the push we needed to go over that there cliff! Lol OINK OINK SNORT SNORT SNORT

Wed, 04/29/2015 - 14:32 | 6043609 Weaponized Innocense
Weaponized Innocense's picture

One can not break math just because one doesn't like the results of the equation!
Poor Kiki ! She can't break math!

Wed, 04/29/2015 - 14:14 | 6043503 aliki
aliki's picture

they're long $4.5 trillion in treasuries ... sooooo, why would they raise rates?

Wed, 04/29/2015 - 14:18 | 6043529 walküre
walküre's picture

maybe... once rates are starting to rise on new issues, the low rate collateral will be very very attractive

just as sick and twisted as Grundlach shorting the negative rate Bund with 100x leverage and expecting a 20% return

you gotta think outside the box

Wed, 04/29/2015 - 14:25 | 6043566 aliki
aliki's picture

^^^

gundlach putting that out there mean he's loading up on bunds and UST on this last back-up in rates. i can't think of a single reason a guy that smart would "put out there" he's "thinking" of levering-UP to SHORT bonds ESPECIALLY since when u read between the lines as-to where his head is at, i think he firmly believes rates are going negative overseas (germany) and an extremely high probability they are going negative here in the next 3-5 years.

Wed, 04/29/2015 - 17:21 | 6044348 walküre
walküre's picture

Fed won't ever allow negative rates. It's like Eurotrash music. Some things are just meant to be "enjoyed" overseas.

Wed, 04/29/2015 - 14:15 | 6043508 q99x2
q99x2's picture

Well hell's bells sounds like the FED can go up my FAFSA.

Wed, 04/29/2015 - 14:15 | 6043511 Xibalba
Xibalba's picture

Did some FED intern put this bullshit together??  

Wed, 04/29/2015 - 14:16 | 6043519 RobD
RobD's picture

If there is going to be an upward movement of the GDP into next quarter shouldn't that Atlanta Fed real time GDP tracker be moving up already?

Wed, 04/29/2015 - 14:23 | 6043554 SERReal1
SERReal1's picture

Just give them a couple minutes. Q2 GDP will be up 5%!

Wed, 04/29/2015 - 14:33 | 6043611 Bear
Bear's picture

Based upon good weather expectations

Wed, 04/29/2015 - 14:17 | 6043524 Thisisbullishright
Thisisbullishright's picture

I'm about sick to death of grandpa Yellen and her minions!!

This whole thing is breaking apart beneath the surface on numerous levels!

 

Wed, 04/29/2015 - 14:18 | 6043531 ferro5x5
ferro5x5's picture

Translation: "Chill, Wall Street. QE4 is on the way!"

Wed, 04/29/2015 - 14:20 | 6043544 walküre
walküre's picture

Dreamer!

Wed, 04/29/2015 - 14:19 | 6043534 Sorry_about_Dresden
Sorry_about_Dresden's picture

How much money do those the FRBNY/BIS steal from us and all they have to do is change a few fucking lines and rehash their old reports. 

That's even easier than multiple chose.

Bunch of criminals.

Wed, 04/29/2015 - 14:20 | 6043538 walküre
walküre's picture

No QE4

Rising rates or not, market will take a crap

They took away the viagra. Limp dick market ahead.

Wed, 04/29/2015 - 14:21 | 6043546 buzzsaw99
buzzsaw99's picture

i don't understand, what does it all mean? /s

Wed, 04/29/2015 - 14:22 | 6043550 SERReal1
SERReal1's picture

Bad Weather = Bad Q1, nothing to see here, move along.

They'll blame a bad Q2 on the drought we have going on here on the West Coast.

Wed, 04/29/2015 - 14:26 | 6043575 QE49er
QE49er's picture

With oil up, dollar down & bad GDP numbers they couldn't smack silver down today...until they opened their mouths then the furious take down occured.

Wed, 04/29/2015 - 14:27 | 6043576 CPL
CPL's picture

After painting themselves into a corner, the only obvious solution from the FOMC committee was to stand on a chair and put the noose around their own neck.  While wriggling in a 'solution' of their own making, the lack of oxygen to their lizard brains they to sputter nonsense about snow, rain, or their pants being too tight.  Anything but their own incredible breath taking incompetence and their overall inability to do any sort of functional math in a dysfunctional system.

Once the paint dried, the bodies removed and all those paper assets develeraged into 'nothing' it took another thousand years before anyone bothered to look at money again.  Just like the other 19 times in Earth's history where the same scam had been run with different 'money' in different places but always turned out exactly the same.  Eventually the game ended and all the pieces of the monopoly board get put back in the box regardless of the sulking faces and hurt feelings of the collected assets that weren't really owned.  Just borrowed for the time the game was played.

The End.

Wed, 04/29/2015 - 14:35 | 6043619 cn13
cn13's picture

Transitory, is it even a word?  What does it mean?

I remember when Greenspan first used this word back in 2004 when crude oil first crossed the $40/barrel mark.

When asked what he thought about crude oil prices, Greenspan responded with the word transitory.

We are now so far down the worm hole that there is no stopping now or going to back to anything the markets resembled pre-2009.

Interest rates cannot be raised and the FED knows it.

Assets particularly equities and bonds must be continually stoked with near free money or it is game over.

The FED is basically pouring diesel fuel on ashes telling us how brilliant the fire is.  Just try to stop adding the fuel and see what happens.  They can't so they won't.

Wed, 04/29/2015 - 14:42 | 6043653 TomGa
TomGa's picture

So has the Committee "decided on the timing of the initial rate increase" since they have removed that line in the current press release?

Wed, 04/29/2015 - 15:13 | 6043770 holdbuysell
holdbuysell's picture

Anybody see Liesman's report cards on CNBS of Yellen and Bernanke yesterday?

They had overall grades of B+ for Yellen and B for Bernanke.

Then they did a drill down on the various graded sub areas of the overall grades. Neither CB chair had a grade higher than B in those sub areas and a good number of Cs as well.

In other words, it was impossible for the overall grades to be so high with the grades provided in the sub areas.

It was truly a moment of concentrated idiocy.

Wed, 04/29/2015 - 18:08 | 6044556 Sorry_about_Dresden
Sorry_about_Dresden's picture

We transitoried some folks!

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