The scariest phrase I read this morning
"We know how monetary policy works"
--James Bullard, President, St. Louis Fed
Labels: monetary policy, politics, speak for yourself
posted by Angus @ 10/27/2010 10:25:00 AM
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2 Comments:
I like Janet Yellen's comment from a 2009 speech: "I will be the first to say that it is always difficult to get monetary policy just right. But the Fed's analytical prowess is top-notch and our forecasting record is second to none. . . . With respect to our tool kit, we certainly have the means to unwind the stimulus when the time is right."
Yes, poorly.
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