Toddo? Opinionated? Come on!
Note: Our goal in Minyanville is to remove intimidation from the financial markets and encourage an interactive dialogue among the Minyanship. We share this next discussion with that very intent.
I must say after reading the Fed Pres Broaddus's speech I am rather disappointed by your selective editing that in the end gives the reader a very different understanding of what Broaddus said.
- Dusting off his feathers in case..... is much different than saying he is doing it.
- Secondly, he only said that rising rates would be a problem for bonds if it put an inflation scare in the bond markets. Not that there is a currently problem in the bond markets.
His speech was much - I repeat much more balanced than your selective editing (some of which did not even appear in the speech!). I feel Broaddus's overall point was to communicate that the Fed is on top of the inflation situation and will move quickly if a problem develops. We can disagree with his assessment but we should not mislead people on what he said. Come on Todd, this is not your style.
Minyan Tom Bohn
Note: For those Minyans who aren't on the Buzz, I wrote the following blurb at 8:57am:
"The Fed's Broaddus is on the tape saying that he's "dusting off his old inflation hawk feathers" and that the inflation picture has 'changed significantly' and 'would be a problem' for the bond market. Didn't he get the memo?"
I can see why you would perceive my post as 'slanted' but I chose to highlight the inflation comments as it was a marked difference from the other drabble that's been dribbling out. Everything we hear from the Fed has served to reassure us that there is no inflation and we're in the midst of a strong economic recovery. Yet, everywhere we look, we see higher prices and less value for our hard earned money. This is the first time I can remember that a Fed head actually fessed up.
I will also offer that I often take my lead from the headlines (Bloomberg, Reuters, Dow Jones) and the text I read said nothing of the 'in case'. I always try to get accurate information to the Minyanship as quickly as possible. Either way, your point is well taken and I wanted to post it to the mailbag to alleviate any confusion or misperception there may be. Have a great afternoon.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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