A Fed insider shattered the glass and pulled the fire alarm this week.
“A strengthening U.S. economy may force the central bank to hike rates ‘sooner rather than later’ to stay ahead of inflation,” Philadelphia Federal Reserve President Charles Plosser said on Tuesday.
Meanwhile, top Fed head Janet Yellen offered the New York University graduating class some commencement words at Yankee Stadium. According to Yellen, success is determined more by grit and passion than sheer ability. As an example, she noted former Fed Chair Ben Bernanke’s grit as the main quality that compelled him to bailout the financial system when it frosted over like the Alaskan tundra a few years back.
In Yellen’s mind, Bernanke’s mass counterfeiting operations were a mass success. As taxpayers, savers, and working stiffs with young children, we find such bosh to be utterly insulting. Like when we heard the condescending line from former Treasury Secretary Timothy Geithner, “We did save the economy, but we lost the country doing it,” we get a sharp pain in our gut. Continue reading
