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There Are No Doves Left At The Federal Reserve | Nick Timiraos
Forward Guidance
The Importance of Tightening Financial Conditions
A key theme for Fed Chair Powell was saying that financial conditions needed to be tighter. How high do you think we are from a top in like credit spreads or equity price? Yeah, that's a great question. I have detected a desire on the part of at least some people on the FOMC to get away from talking about a neutral rate because their long run estimate of neutral is when inflation is not a 2% right now. And there may be some sign of that in the housing market. If we had just stayed around 5.25%, I think the housing market had more going for it this time in terms of pandemic driven shifts and demand,. much tighter inventories.
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