TBX - Humbled By A Trip To The Woodshed
By Francis A. Scotland
U.S. monetary policy announcements can be cryptic at times. Not so the last Federal Open Market Committee meeting. The January 30 press conference was the final act to some dramatic theatre that does play out from time to time at the Federal Reserve (Fed). The earlier acts in this drama unfolded: new guy becomes Fed Chair; asserts his own style; becomes emboldened by his own view; makes a mistake in judgment; attempts to stick to his guns despite spreading criticism; eventually he is taken to the woodshed by the market. In