In what has to be the most disingenuous bullshit comment of the day, Fed's Rosengren appears to have re-written history in his lame attempt to justify the Fed's in-action at the last FOMC Meeting. His comment:
- *ROSENGREN: WEAK DATA, FISCAL DISRUPTION WARRANTED TAPER DELAY
Is a total lie... 1) US Macro data had reached its highest in a year in the data preceding the decision, and 2) the government shutdown and debt-ceiling both happened well after, and only after the infamous Cruz filibuster focusing on Obamacare, which the Fed certainly had no idea was coming.
US Macro data - weak?
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Does this look like a market that was worried about "fiscal disruption"?
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If anything, the Fed's decision to not taper served as the reason why government thought it could shut down: after all stocks, pardon the Fed's balance sheet, had just hit an all time high so what really was the downside.