Tom Schlesinger
Tom Schlesinger
call leaves magician people policy political
There will be a perceptible political call by people for a more rule-bound policy after the magician (Greenspan) leaves the stage.
price prove tough
As a group, they will have a sense they have something to prove and that what they have to prove is they can be tough on price stability.
certainly clear complete darned determined disclose fact fed infamous open quiet
It's quiet clear in the infamous '92, '93, '94 period, the Fed was pretty darned determined not to open up and certainly not to disclose the fact it had these complete transcripts.
chance flexible gives rather term
It's a rather flexible term that gives them the chance to take many different actions,
common difficult finances governor personal resembling solar touch
It's more difficult for a governor to have anything resembling a common touch if their personal finances are in a different solar system.
certainly deep impact
It's certainly unpredictable as to how long this is going to go, and how deep it is going to be and what the impact will be.
belief collective concerned confident contain eventually fed good indicate inflation job manageable markets shoe sort sustained true yields
The yields indicate that markets aren't concerned about inflation or that they're confident that the Fed is on the job and will contain it. But there's some sort of subconscious, collective belief that sustained manageable inflation is too good to be true and eventually the other shoe will drop.
abandon approach banks central countries fed recent successful time wonder worked
It will come at a really interesting time because the Fed has been so much more successful in recent years than central banks in countries that favored a more rule-oriented approach. One has to wonder why the Fed would abandon the approach that has worked so well.
concern contrast labor past using
They are not using that possibility as a justification for their tightening campaign, in contrast to past years when there was a lot of concern about tightening labor market.
appear committee concerned federal labor market markets official open prospect speeches statements strong testimony wage
The Federal Open Market Committee does not appear from any of its official statements or from the speeches and testimony of its members, to be concerned about excessively strong labor markets or the prospect of wage inflation,
behind bet given greenspan measured others present signals terms trapped
I would bet anything they rue the day they got trapped into these terms like measured, patient. The signals Greenspan and others have given is that measured still the way they want to present their stance. It's now measured with a 'but,' behind it though.