“Whatever your favorite literary reference, the Fed seems to be out of its element and that is, in part, because markets judge you on what you do. The Fed had a very late start, then picked up the pace, but still has not done anything that would truly slow inflation or cause any political backlash. In short, the Fed has shown no backbone yet. It has only done what is easy.”
USAGOLD note: Wall Street knows not to fight the Fed, but it doesn’t know which Fed it isn’t fighting. Confusion reigns.