{"id":22753,"date":"2017-02-11T13:27:03","date_gmt":"2017-02-11T18:27:03","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22753"},"modified":"2017-02-11T13:27:03","modified_gmt":"2017-02-11T18:27:03","slug":"fischer-admits-fed-is-clueless-about-what-happens-next","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22753","title":{"rendered":"Fischer Admits Fed Is Clueless About What Happens Next"},"content":{"rendered":"

Fischer Admits Fed Is Clueless About What Happens Next<\/a><\/h3>\n
<\/section>\n
<\/div>\n
\n
In a moment of rare honesty, during a conference in England, Fed Vice Chair Stanley\u00a0Fischer admitted\u00a0<\/a>that the Fed is clueless about what happens next, blaming the Fed’s lack of clarity on Trump and saying there is significant uncertainty about U.S. fiscal policy under the Trump administration.<\/div>\n
\n

“There is quite significant uncertainty about what’s actually going to happen, I don\u2019t think anyone quite knows what\u2019s going to come out of the process which involves both the administration and Congress in the deciding of fiscal policy and a variety of other things.<\/strong>” Fischer said in response to audience questions about the Fed’s next steps. \u201cAt the moment we are going strictly according to what we see as our responsibility according to law.\u201d<\/p>\n

Traders have echoed\u00a0<\/a>Fischer’s confusion, with the Trump rally sputtering in on-again, off-again mode in recent weeks, demanding details about Trump’s various economic policies. Following the December rate hike, Fed officials have given no indication on the timing of their next hike in response to improvements in the U.S. economy, which however have manifested mostly in the area of “soft” indicators, such as sentiment and confidence surves. In recent days,\u00a0even these have started to roll over<\/a>, as the Trump honeymoon slowly ends and the euphoria over the Trump victory – mostly among Republicans as the latest UMichigan consumer sentiment survey showed – begins to fade.\u00a0<\/strong><\/p>\n

<\/a><\/p>\n

Of course, “confusion” at the Fed is a sobering and welcome change from its traditional stance of being “certain” about the future,\u00a0if constantly wrong<\/strong>.<\/p>\n

Ironically, none other than the Fed’s own James Bullard trolled his institution, commenting on the Fed’s chronic inability to accurately predict the future and be consistently\u00a0wrong\u00a0<\/em>in its forecasts in a speech on Friday laying out his “2017 Outlook for U.S. Monetary Policy.”<\/a><\/p>\n

<\/a><\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Fischer Admits Fed Is Clueless About What Happens Next In a moment of rare honesty, during a conference in England, Fed Vice Chair Stanley\u00a0Fischer admitted\u00a0that the Fed is clueless about what happens next, blaming the Fed’s lack of clarity on Trump and saying there is significant uncertainty about U.S. fiscal policy under the Trump administration. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[7844,303,14800,534,8854,1796,3650],"class_list":["post-22753","post","type-post","status-publish","format-standard","hentry","category-economics","tag-donald-trump","tag-fed","tag-james-bullard","tag-monetary-policy","tag-stanley-fischer","tag-us-congress","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22753"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22753\/revisions"}],"predecessor-version":[{"id":22754,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22753\/revisions\/22754"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}