by Martin Armstrong
The Federal Reserve pushed back its plans to raise its benchmark short-term interest rate, which was widely expected following the jobs report previously. Yet this was not a credible day for the Fed in the least as they are starting to appear to be confused and skitzofrantic. Fed credibility is beginning to create a crisis behind the scenes generating doubts about monetary policy moving forward. The Fed’s monetary policy appears ai9mlessly wondering trying to figure out what to do with conflicting problems on both side of the dividing line. It’s not clear that the Fed has a grip on any theory and is revealing that those at the top perceived with so much power, are helplessly a drift in a ship without sails, rigging, a rudder, or an engine.