Bashful Bullard on the wires
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Considered withdrawing from dot forecasting
– Dot plot may have helped trigger early year sell off
– The odds that the Fed will fall behind the curve has increased modestly
He’s in the voting hot seat this year. It doesn’t matter what they do with forward guidance, dots, spots, blots, it’s all pin the tail on the donkey. Forward guidance has just created increased volatility in a market that acts like a 6 year old that takes every word and phrase literally. Forward guidance should simply be "We’ll raise/cut rates when we feel like it and are good and ready"