Fed to release interest rate forecasts, market yawns. You would think this would be big news: after all, isn't there an army of people who make a living trying to figure out where theFed interest rate policy will be out into the next quarter, the next year?
So when the Fed, in an appendix to its December 13 minutes, said it would begin to provide Fed Fund forecasts, it sure seemed important.
Art Cashin expressed the general floor skepticism when he told me right after the announcement: "The Fed has trouble with inflation and unemployment targets; why would they be any better with interest rate targets?"
Or, for that matter, for GDP.
He went on to note that it leaves the Fed exposed to get yet another number wrong, hurting their credibility.
So the market yawned; bank stocks did nothing; the S&P 500 Index was unchanged. Another problem: no aggressive discussion of QE3.
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