More on FOMC

Two more things on the FOMC. With all the tough talk from Fed Pres Fisher on current Fed policy and his stated distaste for QE2, timeline on a near zero fed funds rate and OT, he decided not to dissent today. Neither did Plosser and Kocherlakota. Thus, any hawkishness and reservations that they have expressed with their previous dissents doesn’t square with their vote for current policy. Also, with Bernanke’s press conference, the Fed will reveal new economic forecasts on growth and inflation for the next few years but if there is one thing everyone should know by now, never pay attention to them because they are rarely correct.

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