Good Morning. Today we have both ends of the spectrum in regards to Fed speak. First up is Charles Evans and Bill Dudley, two “super doves.” And then the day closes with the only sane individual left on the FOMC, Jeffrey Lacker.
But with the Fed committed to endless QE, what real impact do these speeches have any more? The Fed is all in. Now it’s a PR campaign to support their desperate actions. As the Chairman said, apparently the Fed has a “reserve of confidence.” Not so sure about that, Mr. Chairman.
We need to be real careful here. I admit and agree that the vast majority now overwhelmingly favor higher equity prices. I mean who in their right mind would short these markets? But with that said, history has shown that Fed and government intervention can easily be overwhelmed with sell orders.