by Jeffrey P. Snider
Alhambra Partners

Whatever her other faults, and they are legion, Janet Yellen has impeccable timing. On the day the FOMC actually voted to raise the irrelevant federal funds rate, thus signifying to the world the soundness of the economic circumstances, the Federal Reserve calculated that industrial production had contracted for the first time (for the month of November). It was a significant shift, as IP is one of the longest and most reliable economic accounts in existence. The appearance of a negative number at the headline is reserved almost exclusively for recession; leaving the Fed to declare both recession and recovery on the very same day.

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