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Traders, Fed Confront ‘Utterly Mad’ Reality
"Where's my bear market rally gone?" BofA's Michael Hartnett wondered, somewhat sarcastically.
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My questioning of Fed credibility is that they seemingly are oblivious to the precarity of the mass of consumers and the overall economy.
What makes that scary is that the economic developments now seem to be hitting us at 3x the speed that they did in the past, when Fed and street economists were in grad school learning their trade. Their playbooks and models are proving to be hopelessly out of date. How long will they cling to them?
And there was always contention the fed was behind the curve before, forget it at this pace…
I hope consensus wasn’t that there’d be hike pauses to surprise super hikes over a week. It seems academics are still trying to explain (or validate their worth) away the outdated views that many unlearned bemoaned about.
As for the last reference, I don’t think many were expecting lockdowns to be lasting, although Shanghai might fight to the end.
H-Man, iin the immortal words of Dylan, “They times they are a-changin”