Quote of the Day

I found this excerpt to be an amusing summary of Fed policy:

“Best I can tell, the Fed may begin to “taper” or they may instead choose to increase the size of QE. Could be soon but maybe not. It’s “data dependent,” although that data may be the unemployment rate or GDP or CPI or something else. When the Fed eventually decides to “taper” – they may then decide to reverse course depending, again, on various factors that no one can clearly articulate because there’s no consensus view as to how to manage this phase of the monetary experiment.”