We can’t think of anything stupider and more malign than the Fed’s ridiculous “dot plot”. That’s supposedly the longer-term policy guidance on rates to the market from the drunken money printers at the Fed.
Never mind that these wanna be monetary central planners have no idea what they will be doing next month, let alone through the end of 2023. Still, yesterday a majority, consisting of 11 of 18 participants, signaled that they would be copacetic with keeping the money market rate (Fed funds) pinned to the zero bound through the end of 2023.
Is there any wonder that Wall Street has been transformed into a rabid gambling casino and that elected politicians of both parties don’t give two hoots about the exploding public debt?