from King World News
Another inflation wave is hitting as economic pain continues to worsen.
Fed’s Lack Of Confidence Is Telling
May 1 (King World News) – Peter Boockvar: There was not much of a change in the statement wording except the Fed added this, “In recent months, there has been a lack of further progress toward the Committee’s 2% inflation objective.” This is code for the Fed doesn’t have more confidence relative to the March meeting to commit to when to start cutting rates.
The surprise was in the QT tapering plans where expectations were widely held that Treasury drawdowns would be $30b per month from $60b but instead the Fed went down to $25b.