ODD IS AS ODD DOES

We've talked about the Fed's sudden turn around about raising interest rates after the February G20 meeting. We called it odd.

We talked about how just a few months earlier the Fed was projecting four or five rates hikes in 2016, an abrupt change is probably an understatement, but so it is.Yesterday we had Fed Chair Yellen meeting with Obama and Biden is what certainly was an unusual meeting given the timing and that just a week before she had given a speech in New York.

We've covered the pathetic shape European banks are in in general and Italian banks in particular and the recently announced 5 billion euro rescue plan. We know China's projected GDP numbers are questionable at best. We mentioned it seemed odd that JP Morgan came out yesterday changing it China view from neutral to overweight.

Now today, just one day later, we get this reassurance from Mother Hen Yellen that the Fed is following its mandate of taking care of America and Americans. It's her Main Street meme.

We know negative zero interest rates are having some unintended effects in the world and confidence in its exponents is sinking faster than you can spell incompetent bureaucrat. We know under the guise of losing their independence, the Fed deplores any and all talk about an open, objective audit of their balance sheet. We looked up the term transparency in Webster's. And just this morning we did the same for odd.

That might seem odd. Here's more. Read it for yourself.

In an oddly-timed-release, just a day after her 'unusual' meeting with President Obama (and sandwiched between two "emergency Fed meetings"), Janet Yellen's seemingly legacy-protecting narrative-confirming interview with TIME magazine proclaiming once again that "we are focused on Main Street, on supporting economic conditions - plentiful jobs and stable prices - that help all Americans." So now you know - it's all for you America - the bank bailouts, the deflationary-glut-creating ZIRP, the money-printing, and the "confusing and confounding" messaging. Now stop your complaining and Vote Hillary!

As TIME reports, you don’t often hear central bankers say, “I don’t know.” That’s because monetary wizards, like brain surgeons and rocket scientists, tend to cultivate an aura of omniscience. Their vast underground computers crank out supposedly precise answers to complex questions about where the global economy will be in the next five minutes or the next five years. But Federal Reserve Board Chair Janet Yellen has never been allergic to uncertainty.

zerohedge.com/news/2016-04-13/day-after-obama-meeting-yellen-confirms-fed-focused-main-street-helping-all-american