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.

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