The Fed's Loss of Control

The Fed I think lost control of the situation three years ago and they've been trying desperately to crawl their way back. They are just atoning for extreme laxity before. That's why you have messages from Jerome Powell, which are contradictory one meeting to the other. He said one thing at the June 14th conference after the federal open markets committee decision to pause. And about two weeks later he turned out very hawkish in the company of Christine Lagarde and Andrew Bailey,. The ECB and Bank of England heads were also very hawkish. So Fed has also lost it because it does not have a consistent message.