The only bull market is in underwear as they need several changes a day.And they know it. For the past three years officials at the Fed have been frightened to death. They have resorted to all means at their disposal (basically repos and jawboning) to persuade us that they are in charge.
The Fed does not control interest rates. They only control the Fed Funds rate. The 1 year T-bill is already up nearly 100 basis points. The rate has more than doubled since last summer and is up 75 basis points in the last 6 weeks.
The Fed is irrelevant.
I know people who work at the N.Y. Fed (otherwise known as market control central). The only bull market is in underwear as they need several changes a day.
Doc's right. Forget the wizard and focus on those people behind the curtain.
The fed may have had some credibility before the long bond blew up
Now they have none ...
Deer frozen in the headlights..
As Doc said ...panicing by lack of action..they cant do a thing because they know the truth.