Even though the economy may not have normalized fully, it is also clearly no longer in crisis, and yet, as Bloomberg Brief's Carl Riccadonna notes [3], monetary policy remains calibrated at a crisis stance. There are numerous reasons for this as we have expounded vociferously but the make-up of the Federal Reserve's voting members next year bends notably to the dovish side... no matter how much they want to get off ZIRP and achieve some breathing room into the next crisis. As Bloomberg's "Fed Spectrometer" shows, from Hawkish Fischer (non-voting) to Dovish Yellen (voting) and uber-dovish Kocherlakota (non-voting) this handy guide will clear up any confusion when the FedSpeak begins again...
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