The problem with the Greenspan Fed is that it has been a 'make it up as you go along' Fed. There is no philosophy with Greenspan. He changes his mind about all of this stuff.
More Quotes from Jim Bianco:
Greenspan has done a good job of morphing himself into the nation's chief economic officer and chief investment officer. He's been elevated to the status where we can't cut taxes unless Greenspan says we can cut them.Jim Bianco
It's all about the stock market right now. They are in sync with one another in that they're moving in the opposite direction from each other.
Jim Bianco
What we can do is take the core rate of PPI and combine it with last week's 5 cent-an-hour jump in average hourly wages and say that inflation looks like it is a concern, maybe not a problem yet, but a concern. And the Federal Reserve was justified in raising rates and may be justified in raising rates again in the May or July meeting.
Jim Bianco
While the (producer-price) number is positive, one number cannot offset four months of strong numbers. If we get more weak numbers, we could push the idea of a Fed tightening away, but this one number won't do it. I think that the idea that the Fed is going to move is still very much on the table.
Jim Bianco
The news doesn't come much better than this.
Jim Bianco
Now that yields are moving up, all these reasons have been shoved aside, and order in the universe has been restored.
Jim Bianco
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