At the bottom of the statement. New fed vice chair for supervision Randal Quarles casting his first vote. It is all about who donald trump taps to be the new fed chair. If it is going to be governor howell,ell jay get might have made for interesting conversations. The latest word from the white house is we will get that decision tomorrow afternoon. We should mention that even if janet yellen is not renamed renominated, she is gone but not forgotten. She has two more meetings to preside over, december and january. Tom i have to go with a double prediction. Powell or taylor . Lets say it is Michael Mckee, and far more important, dodgers or astros . You have mike to go with the home team and say the dodgers. The papers tell me it is going to be jay powerll. Idea of where the economy is given low gdp. Some people say it is below 2 . To this any umph economy that gives the fed the ability to move beyond december 13 . Mike there is nothing that would change the outlook at this point, which i
Acknowledge the decline in core inflation in march. The slowdown on Consumer Spending which they say rose only modestly, but supporting their view is a temporary cause, the statement notes the fundamentals underpinning the continued growth of consumption remain solid. And business fixed investment firm. What is not in the statement is any hint of future policy moves. And there is nothing on Balance Sheet policy. We go back to the idea of being data dependent if the fed is going to move in the future. It will have to be proven right about a transitory effect on the economy. All of us here in the dos were really. Free today. Why are we not discussing dots . Michael they only do that four times a year. Every quarter they put out a new dot slot. That wasnt this meeting. They are moving away from the dot plot a little bit. They are trying to show a wide range of what could happen rather than have people take it as an absolute forecast for what will happen. Mckee and richard among others in
Acknowledge the decline in core inflation in march. The slowdown on Consumer Spending which they say rose only modestly, but supporting their view is a temporary cause, the statement notes the fundamentals underpinning the continued growth of consumption remain solid. And business fixed investment firm. What is not in the statement is any hint of future policy moves. And there is nothing on Balance Sheet policy. We go back to the idea of being data dependent if the fed is going to move in the future. It will have to be proven right about a transitory effect on the economy. All of us here in the dos were really. Free today. Why are we not discussing dots . Michael they only do that four times a year. Every quarter they put out a new dot slot. That wasnt this meeting. They are moving away from the dot plot a little bit. They are trying to show a wide range of what could happen rather than have people take it as an absolute forecast for what will happen. Mckee and richard among others in
Acknowledge the decline in core inflation in march. The slowdown on Consumer Spending which they say rose only modestly, but supporting their view is a temporary cause, the statement notes the fundamentals underpinning the continued growth of consumption remain solid. And business fixed investment firm. What is not in the statement is any hint of future policy moves. And there is nothing on Balance Sheet policy. We go back to the idea of being data dependent if the fed is going to move in the future. It will have to be proven right about a transitory effect on the economy. All of us here in the dos were really. Free today. Why are we not discussing dots . Michael they only do that four times a year. Every quarter they put out a new dot slot. That wasnt this meeting. They are moving away from the dot plot a little bit. They are trying to show a wide range of what could happen rather than have people take it as an absolute forecast for what will happen. Mckee and richard among others in
Declined and is running below 2 . The forecast link which hasnt changed. Inflation is expected to remain somewhat below 2 within the near term, but it will, according to the statement, stabilize around the 2 objective over the medium term. He continues to strengthen in the labor markets, but june joby john gains, it has been stronger. Basically, this leaves investors with what they were thinking, a Balance Sheets move in september and a great move, if it occurs, push off until perhaps december. Tom certainly some reaction in the market with the vix showing it bounced down under nine. The essence of the market is great. Chicago, is the quiet of the market tangible and real or is it a deceptive quiet . Think it is deceptive. One of the important things is you saw the capitulation for but september is ideal. They admit they like to see the Balance Sheet move. Said, we got a lot of policy uncertainty that is not being price to markets. It is amazing to me how much market ignore the noise f