The egotistical arrogance is disgusting…
After years of (self-admitted) failure to achieve anything like a coin-flips accuracy in forecasting, Federal Reserve Bank of Chicago President Charles Evans excl;aimed this morning (after US macro data collapsed to one year lows) that:
“I think that our path is more likely to be the one that we actually follow” than the market’s view or the federal funds rate in the future. “
That a dozen ivory tower academics know best is comical. Here’s the current market vs Fed chart… (the market has lost faith since the March rate hike)
And the odds of 2 rate hikes in 2017 is also tumbling now…
He then added:
“I think the U.S. economy has sound fundamentals right now, so it’s difficult to come up with many downside risks there”
WTF are you talking about!!
Oh and finally, Evans spewed this crap…
“I think that the global environment is much more sound now”
Oh you mean apart from China’s massive monetary tightening and deflationary impulse?
So apart from always being wrong, collapsing US macro data, and a looming delfationary impulse from China set to sweep the world’s capital markets, yeah Mr. Evans, you’re probably right – after all, you’re the one with the PhD.