The market in the U.S. is long overdue for a pullback.
Problem is who gets to define long overdue, central bankers, MSM or my old girlfriend. A friend told me some time ago he was long overdue to dump his girlfriend. But he waited so long she ended up dumping him.
If this sounds like a group of wait, watch and plan central bankers who're running this charade, you might be onto to something. Be thankful you don't have to sit through those ECB meetings surrounded by 24 central banker bureaucrats. Talk about grim; that could probably make a vicar at a wedding wail.
There's probably more hedging going on in two hours there than most hedge funds do in a year of Sundays. The dragster, ECB President Mario Draghi, parsed some choice words as is the style of central bankers the world over.
In not so plain English, Draghi said the committee settled on more of the same; in other words, they were going to sit tight until his in-house economists update their forecast for inflation early next month.
Afterwards Draghi told a press conference: "I would say that the governing council is comfortable with acting next time but before we want to see the staff projections that will come out in early June."
Now if you like bureaucrat double speak here's another quote: "There is consensus about being dissatisfied with the projected path of inflation. So there is a consensus with not being resigned to expecting this," he said. "We have a consensus about action, but after seeing the staff projections in early June."
Consensus is just another term for paralysis. In the market if you wait to get a consensus before you place a trade, you going to miss most if not all of the move assuming there is one.
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