The Phaserl


Unending Taper Torture

by Andy Hoffman,

Recall when the Fed first hinted at the possibility of “tapering” QE4 back on June 19th – i.e., two FOMC meetings ago.  This horrific miscalculation sent interest rates soaring; prompting essentially ALL Fed Presidents to immediately back-peddle; i.e., by giving speeches assuring they didn’t really intend to taper; and that – incredibly – the FOMC statement was “misunderstood.”  Helicopter Ben himself “completed the circle” on July 10th, when he unequivocally stated tapering was out of the question – and July 17th, when he told Congress, “If we were to tighten policy, the economy would tank.”

That satiated the “taper crowd” for a full month, but come August the “taper talk” again intensified – to a fever pitch – despite my ongoing exhortations to the contrary.  Meaningless, manipulated diffusion indices like the “Philly Fed” fluctuated wildly, but HARD economic data like retail sales, durable goods orders, home sales, and mortgage applications plunged – as the miniscule rate increase catalyzed by the Fed’s blunder did in fact “tank” the economy.  And today’s news that Caterpillar’s global sales are in FREEFALL only emphasizes the REALITY of the situation – with more “fun” yet to come, I ASSURE you.

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