A simple word count of the Fed’s minutes reveals that the prevailing mood at the Federal Reserve right now can be described with just one word. With exactly 13 instances in the latest, June, FOMC Minutes, it becomes clear that the Fed has never been more “uncertain”…
… which is ironic, because in these very minutes, one lament voiced by Fed governors was the following:
Several participants expressed concern that the Committee’s communications had not been fully effective in informing the public how incoming information affected the Committee’s view of the economic outlook, its degree of confidence in the outlook, or the implications for the trajectory of monetary policy.
In other words, the Fed has no clue what is going on, but is concerned that its communications are confusing the “public” about its “degree of confidence” in the economic outlook.
One really couldn’t make this up.
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