Catching an eel
I had to chuckle watching Fed Chairman Powell's post FOMC meeting press conference yesterday. The reporters never give up seeking to pin him down but he is much to slippery for that. One example: He said a "good employment report" could get the taper under way. Well, what exactly is a "good employment report"? This reminds me of the committee's accepance of inflation running above target for some unspecified period of time. By the way the Fed forecasts inflation of 2.2% for 2022. Two questions: How much over that level will they accept? Are they in la-la land?