Why The Fed’s Dot Plot Update May Be A Red Herring

Is the obsession over the Fed's dot plot refresh this week overdone? Yes. Surely. Because at a very basic level, we're talking about a group of technocrats playing pin the tail on the donkey. It's silly. So silly, in fact, that Jerome Powell's called it useless on several occasions, just without using pejoratives. Philosophically speaking -- in the grand, cosmic scheme of things, I mean -- you'd be hard pressed to come up with something less worthy of your undivided attention than a piece of p