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Hilsenrath Confirms Fed Confusion In Leaked FOMC Minutes
WSJ's Fed mouthpiece Jon Hilsenrath - whose embargo-assisted lightspeed typing and proofing was amusingly frontrun by someone else this afternoon - is out with his take on the Fed minutes, which some feared would be rendered less meaningful thanks to the currency market turmoil that's unfolded since the data-dependent FOMC's July meeting.
In an effort to cut through any confusion and extract some hints about what is or isn't coming in September, Hilsenrath digested the minutes, peered into his crystal ball, and came up with the following.
The Federal Reserve’s next policy meeting is four weeks away and officials show no clear sign of having settled on a decision about whether to raise short-term interest rates at that time.
Minutes of the Fed’s July policy meeting left mixed markers about whether central bank officials are leaning toward or against a rate increase at their next meeting after months of signaling that they intend to move away from the near-zero interest-rate policy before year-end.
“Most [officials] judged that the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point,” said minutes of the Fed’s July 28-29 meeting, released Wednesday.
Their assertion that they were approaching a rate move might be read as a hint that they saw a September move in the cards, but the minutes showed that officials had wide-ranging views about taking that step and some notable trepidation.
“Some participants expressed the view that the incoming information had not yet provided grounds for reasonable confidence that inflation would move back to 2 percent over the medium term and that the inflation outlook thus might not soon meet one of the conditions established by the [Fed] for initiating a firming of policy,” the minutes said.
Some also worried about moving prematurely and lacking tools to address downside shocks to the economy, and about downside risks to the economy from developments abroad, particularly China.
There was push back against hesitating. A number of officials argued that a rate increase could convey confidence to the world about the economic outlook and that the Fed needed to move in acknowledgment of the progress the economy had already made toward normalcy.
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In other words, Blah Blah Blah, double Speak, Bull shit. Let the afternoon meltup on no volume commence.
LOOKS LIKE THIS IS GOING TO GO ON FOR A LONG LONG TIME - FUUUUCCCKCKKKK!!
It does look that way, I think that is precisely why it won't keep going, I am starting to think Sept is actually on the table.
I hate these evil bastards, I KNOW FOR A DAMN FACT, that they don't belive the FED has any credibility but they play the game because they like to make illegal money. I can not wait til it falls apart.
So Yellen sent her errand boy at the WSJ to tell the world they're confused?
Mass mayor hangs Black Lives Matter banner from city hall
http://tinyurl.com/osva9ud
Funny! You just reminded me of Alex Lifeson's speech at the Rock and Roll Hall of Fame induction ceremony (RUSH).
https://www.youtube.com/watch?v=Z-zV4GaElko
Yuawn
They're going to raise rates on sept 15 to celebrate the end of Rosh Hashasha...
You know, I have been thinking along those lines. Almost everyone is of the mind set of they won't raise rates. In the next month that will continue. The smart money is supposedly leaving the market or has left. If you want to start the fleecing maybe they will do it in Sept to catch everyone with their pants down. If I had the ability I would have a small short position in maybe Nov Dow options at like 17000, or Dec 17000.
In case you haven't heard. Rabbi Cahn, Shemitah.
http://www.youtube.com/watch?v=8TsYBuw6rko
The Flash Boy HFT crowd probably has always gotten these before Hilsenrath. One of them just decided to use the leak to make a trade go their way.
The FOMC is just as confused as everybody else, but unlike everybody else, they have the power to fuck up the economy (even more).....
They're not confused. They know exactly what they are doing, and it doesn't bode well for us.
FED minutes in one chart
https://pbs.twimg.com/media/CMyjpDmVEAARxUO.jpg
He still managed to frontrun the fed announcement. free market fix
This line fucking cracks me up:
"There was push back against hesitating. A number of officials argued that a rate increase could convey confidence to the world about the economic outlook"
So what you're saying is: when all else fails you have to lie.
Me to Doc.
Like the rest of the world gives a flying fuck, when they're all slamming against icebergs, and trying to save their own asses.
Since everything coming out of their mouths is BS...that line is certainly the most hilarious.
BOHICA...no KY for you!
ZH is correct. I saw the minutes earlier than the official time on FinancialJuice.com with a source reference of BBG.
Checkmate.
Raise rates, markets get whacked.
Don't raise rates, lose credibility...markets get whacked.
I'm buying more puts (further out-of-the-money) and more physical. Shit is about to get real.
And now I have a market boner. Damn.
Tick tock, tick tock...
Not 'Checkmate'
Zugzwang
https://en.wikipedia.org/wiki/Zugzwang
[PS: I did not down-arrow you...]
You have to understand they don't give a shit about the markets getting whacked, they only give a shit about who gets whacked so when all of their people or most of em are positioned correctly que the whacking of the markets. When they are saying that is absolutely unlikely that the fed will raise rates that is when they will do it.
allow me to translate hilsenrath:
mixed markers = mealy mouthed
notable trepidation = wet their pants
Just love the picture of Janet that goes with this read...
It's a terribly confused squirrel that has chestnuts stored in it's cheeks and doesn't know where to "hide them" before winter!
Capt nemo -- man i thought that was a picture of Rastus McWhorter, my little league baseball coach
Since Goldman writes the minutes, and sell them to the highest bidders, this is just business as usual.
FEES!
If the Fed has not said explicitly they are going to rasie rates they are NOT going to raise rate. No surprises when raising rates.
algos are confused too OR not enough "liquidity" to support more than one (1) asset (i.e SPX)
Back in my trading days we had to act and act decisively without hesitation and when wrong cover or reverse. Guess I needed a pee aich dee so I could really FUBAR shit up and be a Fed Governor
I ACCIDENTALLY received an e-mail ... apparently addressed to Tyler Durden.
This e-mail came from some person named "Yellen", but I dunno who that is. And I think that the e-mail might have been routed through some server in Colorado, but the server disappeared. Anyway, the message to Mr. Durden reads ...
"I'll get you, my pretty, and your little dog too!"
Hope this makes sense to you. I can't figure it out :-)
Toss it into a bucket of water.
https://www.youtube.com/watch?v=uQJ8WrKnLUs
more leaks. where is that journalist she beheaded
Fuck you Hilsenrath!
Yeah, sure, go ahead and increase interest rates!
Then watch the bond bubble unwind!!
Did the Bernake stop printing?
Will Yellen ever raise rates?
The Federal reserve is packed with gutless wonders. That have no vision.
Led by a elderly bureaucrat that is afraid of her own shadow! Terrified that the next depression will be blamed on her!
Proves what a dumb bitch she is, taking the job in the first place. Either she didn't realise it was a poisoned chalace or she didn't understand others were setting her up. First women Fed boss, how 'empowering' for women blah blah blah. Like I said, dumb bitch.
That picture of Yellen is classic. A thoroughly confused woman looking hopelessly confused.
This is the person we want at the helm? JHC.
Like Steve Martin: "And the most amazing thing of all is... I get paid for doin' this!"
So, yeah. The next time you talk to someone who is gushing about how great the Obama recovery is, ask them the simple question of why the Fed is holding tight with ZIRP. I mean, fucking honestly. Even the hint that rates may go up ... even a smidge, and the stock market goes red. The real question is, what convoluted shennanigans can the Fed possibly do now when the shit really hits the fan?
Like reading indian smoke signals on a windy day. Science sure has brought us forward.
If memory serves correctly, this is the third "leak" of Fed releases just this year.
Leak my ARSE!
-- Eric Dubin, Managing Editor, The News Doctors
Will SOMEONE please slap some SENSE into those MORONS at the FED?....
https://www.youtube.com/watch?v=u4ZgVRJ-H8U