This is all it took to get FOMC members to walk back Bullard’s hawkish comments. Note the tiny channel breakdown. Terrifying enough to keep QE going and to respond to the worst inflation in 40 years with a mere 25 bps rate hike a month from now? Apparently.
How else can you explain this insanity?
If it’s too hard to see the Fed Funds rate on the above chart, here’s a close up.
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