The Fed Dilemma
Yen, Bonds, and Jay's impossible problem
WIZ BIZ Announcement, while I vacay to founding members on Friday:
Tonight, Let’s play a game.
Please select your character:
Jay “Money Printer” Powell
Janet “Grandma” Yellen
Kazuo Ueda
Conks
The game indicates you selected: Jay “Money Printer” Powell
It’s the monday night before FOMC starts, your Japanese counterpart called last week to let you know that they could no longer carry trade and would begin operations in the following week.
As you sit in your parlor, strumming your guitar, you review a series of charts:
hmm
woah, sticky
well, printing money can fix that…
tight conditions I see. (Narrator: the conditions were not tight)
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You as Jay have a decision to make:
How do you attack the press conference on Wednesday?
You note that unemployment remains at its tightest conditions, and given its an election year, don’t want to look closely at the data.