The Phaserl


The Fed’s Stealth Tightening

from Casey Research:

As expected, the Fed tapered its purchases of mortgage-backed securities on Wednesday to $15 billion per month and its purchases of longer-term Treasury securities to $20 billion per month.

That means total monthly purchases, which were $85 billion last year, are now down to $35 billion. That’s a significant cut.

The Fed also cut the range of its full-year 2014 real GDP growth forecast, from 2.8%-3.0% down to 2.1-2.3%. That was no surprise, considering that GDP in Q1 was negative 1%, and it may have been a bit of a warning.

If you’re familiar with my work, you know my no-confidence stance on Fed prognostication. But just to make my opinion clear: I think the Fed is in the business of obscuring the truth. Official inflation numbers vastly understate actual price rises:

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