Over seven years since we first said it, and nearly eight years since the Fed unleashed ZIRP, Bill Gross seems to finally find a trace of logic in what the Fed is doing.
Gross: So the Fed sort of gets it. Low rates destroy business models and sap economic potential.
— Janus Capital (@JanusCapital) May 18, 2016
Maybe Bill is right. We disagree, and as the market is tantruming this very instant, we assume the “Dow Data Dependent” Fed will find something else to distract its attention in June (and July) when it again does nothing.
But first tomorrow, Fischer and Dudley, aka Dove and Dover, will make it very clear just how foolish the market was to selloff on a statement which they will claim was not at all nearly as hawkish as the market interpreted.
Because remember – the only chart that matters…
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