Actually, scratch that: the one thing that becomes clear after skimming this selection of select statements by Fed committee members over the past few months, is that there is absolutely no common theme.
Seven years after the crisis, the Fed not only continues to fly blind, but the degree of disagreement among members has never been greater. Which is helpful to know 5 days before Yellen’s Jackson Hole speech this coming Friday is expected to reveal a new, less “omnipotent” Fed, one which will push for more fiscal stimulus just so the Fed has more debt to monetize the next time it has to ease, since thanks to “r-star” we now know it can hike rates at most just 1-2 times before it is forced to resume easing by way of QE as the rate of ~1% will not be nearly enough to provide the needed stimulus economic stimulus to offset the next economic contraction.
Source: Goldman Sachs
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