Today’s “good Fed cop” award goes to St. Louis Fed president James Bullard who has some words of caution which neither he, nor anyone else at the FOMC, will pay attention to:
- BULLARD SAYS RISK OF ASSET PRICE BUBBLES ‘HUGE ISSUE’ FOR FOMC
- BULLARD: LOW RATES, NOT JUST QE, WOULD ACCOUNT FOR ANY BUBBLE
- BULLARD SAYS LABOR FORCE PARTICIPATION DECLINE BEGAN IN 2000
And the punchline:
- BULLARD: `THERE MAY BE SOME OTHER’ ASSET BUBBLE `GOING ON’
Yes: the bubble of Fed “assets”
As for his conclusion…
- BULLARD SEES U.S. ECONOMIC GROWTH ACCELERATING NEXT YEAR
… forgive us if this seems like a small case of deja vu.
- Bullard Says Fed Shouldn’t Rush to Ease as Economy Accelerates – December 2011
- Fed’s Bullard says U.S. growth may accelerate to 3% in 2012NAPMPMI Index – April 2012
- Bullard Says Economic Growth Will Probably Accelerate – February 2013
So, thanks, but we’ll pass on any “acceleration”
Full Bullard slideshow (lots of pretty charts but no kittens):
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/igDHfZ2IuNo/story01.htm Tyler Durden