Boy, “civil wars” seem to be breaking out all over. Republicans, Democrats (though they seem to have crushed dissent), and now the Fed.
It seems like there are multiple Fed Chairs now since Yellen officially took the helm. Stanley Fischer almost feels like a Co-Chair instead of Vice-Chair.
“Despite the fact that rates were not raised at the September FOMC meeting as we predicted, the truce at Federal Reserve has never been more tenuous and appears to be on the verge of an outright civil war,” Doug Roberts, chief investment strategist at Channel Capital Research, said in a note. “The truce between hawks and doves is now being renegotiated.”…
…”At this point there is a civil war, and the consensus is, the hawks are saying ‘We’ll allow you to raise rates very slowly, we just want you to start raising rates,’” Roberts added in a phone interview. “What the new (consensus) will look like is being renegotiated. … That, to me, is going to act as an overhang for the market.”