Foolish Fed

You read those Fed Minutes on Tuesday afternnon? On Tuesday, the FOMC released the Minutes of the policy meeting that culminated on November 7th with a 25-basis point cut made to the target range for the Fed Funds Rate. Nothing more says that this band of misfits has absolutely no clue more than the following two quotes. I am pretty sure that the actual text of the Fed Minutes was not meant to be comedic.

On Page 11 of 17....

"In discussing the outlook for monetary policy, participants anticipated that if the data came in about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment, it would likely be appropriate to move gradually toward a more neutral stance of policy over time."

On Page 12 of 17....

"In discussing the positioning of monetary policy in response to potential changes in the balance of risks, some participants noted that the Committee could pause its easing of the policy rate and hold it at a restrictive level if inflation remained elevated, and some remarked that policy easing could be accelerated if the labor market turned down or economic activity faltered."

I wrote this line this morning in my early note eslwhere. Hope it makes you chuckel. "It's so odd how one can read the latest FOMC Minutes and simultaneously think of that little car at the circus that parks in the middle of the center ring (over a covered hole in the ground) and about thirty clowns pour out of the vehicle in single file. I can't be the only one. Can I?"