by David Kranzler
Investment Research Dynamics
I described the other day what a circus the inter-FOMC meeting periods have become. One by one Fed clowns appear to describe an economy at full employment and threaten us with another one-quarter of one percent Fed Funds rate hike. Since this process has started last Monday, the S&P 500 has been flat but gold has been taken down methodically about $80, or 6.7%. The mining stocks as represented by the HUI have been dropped 12% from their high last week.
Yesterday the circus took on a new dimension. SF Fed John Williams was once again out promoting rate hikes this year and even more rate hikes next year – LINK. St Louis Fed clown Bullard was out yesterday pontificating that low rates for too long could be risky – LINK. You don’t say, James?