If it quacks like a duck… Is Ben Bernanke a lame duck?
Fed Minutes used a lot of words like “broadly comfortable”, “almost all”, “a few”. It sure does not sound like they are all on the same page. Fed tapering is coming, probably in the fall, markets (a leading indicator) are acting before the Fed. The market consensus seems to be for the Fed tapering from $85 Billion down to $80 or $75 Billion; not for tapering down to around $50 or $60 Billion.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury