From this story at Barron’s detailing the views of DoubleLine Capital bond fund king Jeffrey Gundlach at a recent conference come these gems about the central bank’s group therapy session now underway in snow covered Washington D.C.
“Frozen in their thinking”
“The Fed really needs to dial down the rhetoric or the markets will humiliate them with further declines”
The Fed’s models are based on “GDP forecast that has been wrong for years — it’s like the triumph of hope over experience, like a second marriage.”
“What the heck are these people doing?”
“Whistling past the graveyard.”
Of course, it’s all about that little squiggle to the right in the chart below (via this item at Quartz) and, more importantly, the possibility that more squiggles appear.
Boy, that 2004-2006 Greenspan “baby-steps” campaign is a thing of beauty. No?