So many dots, so little time. Actually, only a few dots, quite a ton of unearned noise. If we’re talking about dots again then that could only mean doing the same thing and expecting different outcomes. Those blotches are simply what policymakers themselves believe that future will look like, probabilities and whatnot. Thinking ahead, moving them around here or there is supposed to convey changes to or from “hawkishness.”
Yet, we need only go back a few years to re-witness the futility of the exercise. Dots went one way, reality quite the other.
And that reality is the Federal Reserve pretending to be a central bank. True monetary consistency goes in other places, a fact established yet again by one other (actually two) unnoticed change undertaken at this week’s policy meeting.
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