MishTalk/Mish Shedlock/1-26-2022
“For starters, the Fed is hiding behind Covid. It continues its amazingly asymmetric policy of being hyperactive after bubbles pop but being extremely accommodative until they do pop. Inflation has been raging for well over a year and all the Fed does is admit ‘Overall financial conditions remain accommodative,” with a pledge to “monitor the implications.’“
USAGOLD note: Point by point, Mish dissembles the Fed chairman’s press conference and settles on “delusional” as the answer to the question posed in the headline – in fact, “very delusional.”
Image: King Canute demonstrates to courtiers his inability to control the tides.
