A lover's statement of "whatever it takes" can be quite believable. But can a Central Banker make the assertion with the same credibility?
The FOMC had an uneventful meeting last week. Uneventful, that is, if you consider ongoing balance sheet expansion as "nothing new."
Though it may be nothing new, the Fed's stubborn attitude toward the economy is ramping up the exit risk they will face once the economy catches hold.
How could GDP growth be -0.1 percent when the Bloomberg median estimate was 1.1 percent with a low of positive 0.3 percent? Further, how could growth stumble so much and markets remain so unconcerned?
After four years wandering the desert, it seems the economy has found an oasis.
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