If I didn’t already have gray hair, mostly white actually, the events of the last several months would have caused that train to leave the station. I have been doing this line of work for a pretty long time, and there have been few times as confounding as these have been. Nothing much has changed in regards to overall economic activity and broad macroeconomic forecasts. However, the markets have been all over the place; hanging, almost solely, on the words of Federal Reserve officials, and other bureaucrats, with billions, if not trillions, of dollars at stake.
While this has always been the case to some degree, let’s just say it has been in overdrive recently. The reason for this is simple: is the Federal Reserve seeing something the rest of us aren’t? Or has it become divorced from reality? …Read On…