‘The Fed has a ways to go on hiking rates’

themarketNZZ/Christoph Gisiger interview of Jim Bianco/11-18-2022

photo of Fed chairman Jerome Powell at the podium“There are 19 members on the FOMC, and I think the most hawkish member is Jay Powell. Interestingly, the most dovish member, or very close to that, is Vice Chair Lael Brainard. So from a policy standpoint, the Chair and the Vice Chair are as far apart as it can get. As such, you see a lot of discord at the Fed.”

USAGOLD note: Bianco presents his current thinking on the Fed. A good read at the link…… Like many who have followed the markets over the years, we marvel at the fact that individual Fed members can move markets these days simply by publicly espousing one position or another on monetary policy. That is where the discord Bianco mentions becomes painfully evident. In the end, the only statement that truly matters is the collective decision the Fed makes public after each meeting, or in the consensus positioning revealed in FOMC meeting minutes.  All else is just political chit-chat……

Related please see:  Most Fed Officials Seek to Slow Pace of Interest-Rate Hikes Soon/Bloomberg/ Craig Torres/11-23-2022


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