For today's quote of the day, we go to Boston Fed's president Eric Rosengren who just had the following pearl of wisdom:
- ROSENGREN: `REALITY DOESN'T ALWAYS LIVE UP TO OUR FORECASTS'
At least he didn't say it is reality that is wrong and the Fed's forecasts being fundamentally correct.
As for the accuracy Fed's forecasts, well we already know the story:
So how does this Fed member propose to deal with a Fed that is, well, always wrong?
- ROSENGREN: RISKS TO OUTLOOK MOSTLY ON DOWNSIDE; FED MAY MISS GOALS ON JOBS, INFLATION THROUGH 2016
- ROSENGREN FAVORS `VERY SLOW' STIMULUS REMOVAL OVER MANY YEARS
In other words, because the Fed has been wrong all along (and is the reason why there is no recovery and merely one 5 year and counting attempt to shovel all that is broken in the system on the balance sheet of the world's biggest hedge fund), the Fed will do more of the same over many years.
Einstein must be spinning in his grave.