What's the difference between a non-voting and a voting dovish member of the Federal Reserve? About 20 S&P 500 points...
[5]
When newly minited voting member Charlie Evans dropped the 'C' Word (catastrophe) last night, Futures exploded northwards in a euphoric exultation of ubder-dovishness...
When newly non-voting member Kocherlakota uttered the followed demands for moar:
- *KOCHERLAKOTA SAYS UNEMPLOYMENT RATE REMAINS ELEVATED
- *KOCHERLAKOTA: INFLATION LAGGING TARGET RISKS FED CREDIBILITY
- *KOCHERLAKOTA SEES `FEW YEARS' FOR INFLATION TO RETURN TO 2%
- *KOCHERLAKOTA: FED STIMULUS INSUFFICIENT TO HIT INFLATION TARGET
- *KOCHERLAKOTA: RATE RISE IN 2015 WOULD RETARD INFLATION RECOVERY
S&P futures - rather sadly - droppped 2 points...
* * *
Oh how far the might have fallen... And then there's this...
- *KOCHERLAKOTA: IF WE HAVE 2% INFLATION WE'LL HAVE MAX EMPLOYMENT
We need some crazy pills.
