| There’s something of a ritual performed each time US Federal Reserve chairman Jerome Powell speaks to the media. A reporter asks Mr Powell about financial conditions; he says they’ve tightened a lot; the Wall Street crowd snickers.markets have rallied in start-and-stop spurts
The Fed, it would appear, keeps it a lot simpler. Lael Brainard provided a window into policymakers’ thinking on the topic last month in her final speech as Fed vice chair.In unveiling evidence of tightening financial conditions, she cited, among other things, the two-fold surge in mortgage rates over the past year as well as the fact that short-term interest rates are now higher than inflation.
There was a time that Fed officials paid more attention to markets. This was the result in part of William Dudley’s arrival at the Fed.A long-time economist at Goldman Sachs, he was one of the creators of the firm’s financial conditions index. When he scored the top job at the Fed’s New York bank in 2009, he brought that eye-on-markets approach inside the Fed boardroom.Several regional Fed banks — Kansas City, Chicago and St.
Source: Loan Digest (loandigest.net)
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