- The Big Picture - http://www.ritholtz.com/blog -
“Memo to Federal Reserve Board of Governors: Get a Life”
Posted By Barry Ritholtz On July 25, 2003 @ 9:32 am In Finance | Comments Disabled
Snarky comments today from Bank of America:
“Memo to Federal Reserve Board of Governors: Get a Life” write analysts at Bank of America.
“The Fed speaks darkly of deflation and cuts the overnight rate, and then the 10-year yield rises 100 bps. A Fed governor warns of unwanted disinflation, and then inflation expectations rise in the TIPs market. Not for decades has the market faded the Fed with such abandon. When you have to stretch to find something to worry about, it’s time to kick back and enjoy summer.”
“Fed Says Rain? Bring The Sunblock”
Source: Dow Jones MARKET TALK
When Wall Street analysts start dissing the Fed Chair, its a sign that the Central Bank is losing influence and political support from their most important constituency . . .
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2003/07/memo-to-federal-reserve-board-of-governors-get-a-life/
Copyright © 2008 The Big Picture. All rights reserved.