Bernanke telling the world the Fed will ease any time there is a stock downtick is the 'good cop.' Which means there needs to be a bad cop to pretend that the Fed actually cares about more than just 10-20% red candles in the Russell 2000, and to give the impression of a balanced Fed. Last week it was Plosser (who simply regurgitated his script from March 2010 [4]). Today it is Dallas Fed's Fisher. From Bloomberg:
- FED'S FISHER SAYS U.S. ECONOMY IS IMPROVING
- FED'S FISHER SAYS U.S. ECONOMY IS IMPROVING
- FED'S FISHER SAYS LATE 2014 INTEREST RATE PLEDGE WILL NEED TO BE ADJUSTED
- FISHER SAYS FED SHOULD `SIT, WAIT AND WATCH' ON POLICY
- FISHER SEES TIME OF `SURVIVAL OF THE FATTEST' NOT FITTEST
- And finally: FISHER SAYS FED HAS `DONE ENOUGH' IN EASING
All great stuff, and truly Oscar worthy, in the daily Fed theater. Also, all 100% irrelevant.
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