"William Dudley, the president of the New York Fed, argued Thursday at a panel discussion at The Brookings Institution that the U.S. central bank has been transparent. “I don’t really understand what’s unclear right now,” Dudley said.
If the economy continues to grow above trend, the unemployment rate will continue to fall and give the Fed confidence that inflation will move higher, Dudley said. This will allow the U.S. central bank to begin to raise interest rates, Dudley said.
Stanford University economist John Taylor, a well-known expert on monetary policy, who was on the panel with Dudley, shot back: “Are you kidding? No one knows what you’re doing.”
Confidence in the Fed eroding bit-by-bit and they're oblivious
- they'll never, ever admit failure, even for a minute.