Courtesy of Mish.
In an effort to convince the market that rate hikes are coming, an amusing parade of Fed parrots squawked in full force over the weekend, within an hour or so of each other.
St. Louis Fed President James Bullard
Bullard Squawks: Bullard Says He Argued Against Fed’s Call to Leave Rates on Hold.
“The case for policy normalization is quite strong, since Committee objectives have essentially been met,” Bullard said in slides prepared for a speech in Nashville, Tennessee. “I argued against the decision at the FOMC meeting.”
Bullard is not a voting member of the policy-setting Federal Open Market Committee in 2015, but will vote in 2016.
Richmond Fed Jeffrey Lacker
Lacker Squawks: Fed's Lacker Says Economy Strong Enough for Higher Rates.
"Such exceptionally low real interest rates are unlikely to be appropriate for an economy with persistently strong consumption growth and tightening labor markets," Lacker said in a statement.
He was the lone dissenter among the 10 Fed officials who voted at the meeting. Lacker said the Fed's target should rise by a quarter point.
Lacker has a history of dissent in Fed policy meetings. In 2012, he voted against eight straight policy decisions by the central bank. At the time he was urging the Fed to wind down asset purchases that were aimed at stimulating the economy.
San Francisco Fed President John Williams
Williams Squawks: Fed's Williams Still Sees 2015 Rate Hike After 'Close Call'
An interest rate hike will likely be appropriate this year given the U.S. Federal Reserve's decision last week to stand pat was a "close call," a top Fed policymaker said on Saturday.
John Williams, a centrist and president of the San Francisco Fed, said the arguments for and against beginning to tighten U.S. monetary policy are about balanced now that the economy is on solid footing, giving him confidence in continued economic and labor market growth.
Balancing Act
If the arguments for and against the hike are "balanced" and the case for a hike "quite strong" then why was the vote 9-1? …
