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Central Banks Have ‘Aided And Abetted Market Manipulation’: No One Read This Speech By Kevin Warsh
So on Friday, WSJ reported that Trump and Mnuchin met with ex-Fed governor Kevin Warsh about possibly taking over for Janet Yellen.
As we and others noted when the news first hit the tape, Warsh would likely take the Fed in a hawkish direction. That leads directly to this question: has anyone told Donald Trump that an excessively hawkish Fed would likely imperil his beloved equity rally?
https://twitter.com/realDonaldTrump/status/913760243770896389
Yields and the dollar moved higher immedi
Well it would be a shocker if someone changed their position after accepting a nomination.. It’s all horsecrap, all politicians, and I mean all, are exactly the same..
Either Warsh is a complete phony or the guy you need to push the Fed toward some kind of normalcy. There is no easy way out at this point and the pain will be severe.
While that speech makes a lot of sense I worry that the cure may be worse than the disease. Maybe the disease has to run its course?
….if we survive till the leak!
…..and if the D^%$@#d in charge doesn’t have more cabinet changes …..
…..we may actually get to January 2018.
Wow! Warsh nailed it – of course the BIS is a pretty friendly place for logical, empirically truthful stuff. The problem is that the same guys – the exact same ones – speak differently in Basel than they do when they go home.
I wonder how Warsh would be received if he gave that speech at the Economic Club in New York. The market would have cratered before he sat down – if he lasted that long.