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Two Years In, Jay Powell Still Lacks Only Skill That Matters: Ability To Bullsh*t People
Jerome Powell turned in a passable performance at January's post-FOMC press conference, which, we've
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“somewhat elevated”, but “not extreme”, Powell said.
When was the last time that a fed chair admitted that assets prices were “extreme”?
Something like, let’s see, well, hmmm, …. never?
I pretty clearly remember the words “irrational exuberance” from Greenspan
“Perhaps the most notable moment came when he (possibly by accident) announced a taper to T-bill purchases.”
Obviously Powell is skilled enough to persuade even veteran market observers that the Fed is following a plan. The above quote is not a fact, it’s Powell proving he is a master of bullsh**t!
I have often joked that my most successful trades have come from always doing the opposite of what Goldman Sachs recommends to the muppets. Powell now stands shoulder to shoulder with Goldman in that regard.
It’s now clear that the Fed will never raise interest rates again, and that repo QE is now a permanent function of the Fed. The can will be kicked down the road to the next presidential election.
So, I think Powell is pretty damn impressive in his bullsh**t!
Actually I like Powell … He would be inclined to be a straight shooter but for everyone parsing each word and complaining about each answer he gives…… Should just tell the detractors he dropped his crystal ball on the way to work and it is shattered beyond repair.. That puts him on a par with the financial media….and about everyone else…
I like Powell, too, and think it’s a shame a key part of his job is too avoid saying anything that would cause Wall Street to throw a fit. Wall Street is entirely too full of itself and long ago lost the trust and confidence of a majority of Americans. Come the revolution, there will will be heads on pikes, and they won’t just belong to Republican senators.