What are people less resistant to? Try the familiar. A smile is more disarming than a frown. Think now about the week that just was with all those Federal Reserve voices speaking around the country, mostly in unison about coming higher interest rates.
One could call it softening up the beachhead for what is to come. Last time around just one hike in rates wreaked an equity havoc of sorts. Investors caught off guard maybe? The creditability of the Fed to all but the lame, limp and lazy is at stake, mostly owing to no one's fault except their own inability to act.
We'd suggest decisively but that term appears to be devoid from the DNA of this and previous Fed leaders. Data-dependent is code for: "What the hell's up with this recovery?" A cynic might argue there's no criticism too harsh for this Federal Reserve crowd and the possible terrible fallout from their cavalier lack of action. But cynics are about as welcome today as vending machines filled with candy bars at an elementary school.
What the denizens of the globe's largest economy, not to mention a few billion others, got was this cute little phrase, "probably appropriate." Apparently, the Fed has never heard the tale about the dog and the rabbit. Meanwhile, Fed Chair Yellen gets to continue playing Pretend, a Fed parlor game that she has a clue about what's happening.
The whole set up of the Harvard interview was staged, no intended pun. Fine for the doting MSM crowd, but pathetic entertainment for a public that deserves far better. But, then again, last we looked this is an election year.
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