Fed Credibility Is No More
Monty Pelerin * Economic Noise
Economics used to drive markets. The growth of government and its pervasive interventions has displaced economics, at least as the primary short-run determinant of market values. Short-term performance is now dominated by the actual and expected machinations of large, clumsy government and its agencies.
No agency is more powerful than the Federal Reserve, a once quasi-independent agency tasked with ensuring the solvency of banks. It has become the key central planning apparatus of an increasingly obtrusive and tyrannical government.
John Mauldin, in his weekly “Outside The Box” newsletter had an especially impressive contribution this week. Ben Hunt provided a long and very worthwhile article. This excerpt describes my views regarding today’s markets:
What does all this mean for how to invest in the short to medium-term? Frankly, I don’t think that “investment” is possible over the next few months, at least not as the term is usually understood, and at least not in public markets. When you listen to institutional investors and the bulge-bracket sell-side firms that serve them, everything today is couched in terms of “positioning”, not “investment”, and as a result that’s the Common Knowledge environment we all must suffer through.
continue article at Economic Noise:
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