The Fed is clearly in 'oh-$hit' mode. Their traditional anonymously sourced mouthpiece has seen his impact faded rapidly - The Hilsen-Ramp is gone; and so, they wheel out the big guns to talk back every words of it once again. Fed's Kocherlakota just explained to a patient audience that "there is a mis-perception in markets that the Fed has turned more hawkish." Of course that was good for a 5 point vertical ramp in the S&P 500 but even that is fading now as the implicit tapering has begun. But have no fear:
- *KOCHERLAKOTA SAYS FOMC LACKS EXPERIENCE WITH QE
- *KOCHERLAKOTA: MARKET REACTION TO FOMC `NOT A CAUSE FOR CONCERN'
ok...
[2]
Perhaps this...