FOMC Statement SnoreFest
“They have? I seem to remember a Ticker on this…. oh here it is!
Inflation concerns were still high, with the survey’s one-year inflation expectation rising to 4.6 percent from 3.4 percent in February, the highest since August 2008.
The survey’s five- to 10-year inflation outlook rose to 3.2 percent from 2.9 percent.
Uh, 1-2% expectations are mandate, right? So what’s 2.5-4x that “stable mandate” level signify in the short term, and what does 150-200% of long-term expectations?
Oh I know, I know – Beernapke doesn’t care what people expect. He only says he does.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
Let’s remember, the Webster’s definition of stable (adj):
a : firmly established : fixed, steadfast b : not changing or fluctuating : unvarying c : permanent, enduring
Hmmm….. so how is an ever-changing price level “stable”?
Via Market Ticker
