Fed Humor: If Chair Powell Were Honest

"The 2% inflation target reminds me a little of Dr. Fauci’s former six-foot social-distancing rule."

I sometimes think to myself that what this country really needs is a good, long, grinding bear market. Just thinking, mind you.

- Jerome Powell (parody)

Grant’s Interest Rate Observer is one of our favorite publications, (perhaps our favorite) since 1993 when floor traders for whom we worked let lowly runners borrow old editions kept in lockers for continuing education (they also always wanted them back).

Two weeks ago, James Grant wondered aloud what the FOMC press conferences would actually sound like if the truth were spoken. The result is this; Their conception of the idealized post-Federal Open Market Committee presser.