Salient to Investors:
Caroline Baum writes:
Markets all along understood that tapering and raising the federal funds rate were two different animals.
Central bankers have fallen in love with their own voices, and communication has become a policy tool.
Benn Steil at the Council on Foreign Relations said new BoE Governor Mark Carney’s debut with “forward garble” was a flop earlier this month as UK stocks fell, gilts fell and sterling rose. The Fed should listen up and talk less.
Read the full article at http://www.bloomberg.com/news/2013-08-21/word-to-fed-less-talk-more-action.html
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