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Fed’s Kashkari “Happy” to see stock market falling …

hank
edited August 2022 in Other Investing
STORY

“I was actually happy to see how Chair Powell's Jackson Hole speech was received," Kashkari told Bloomberg's Odd Lots podcast. "People now understand the seriousness of our commitment to getting inflation back down to 2%."

“I certainly was not excited to see the stock market rallying after our last Federal Open Market Committee meeting," he added,

What a perverse way to view financial markets ….. Geez - “With friends like that …”

Comments

  • yogibearbullyogibearbull
    When Neel Kashkari was at Treasury and was running TARP money, he very much cared about the stock market. But now, he has a different job, that of MN Fed President, and a possible FOMC Member (actually, he is an Alternate FOMC Member in 2022, a Member in 2023). In between, he tried his hands on elective politics but that didn't work out.
    https://www.federalreserve.gov/monetarypolicy/fomc.htm
  • hank
    edited August 2022
    I think we can now safely assume the FOMC members have finally divested themselves of their prior (highly profitable) stock holdings.
  • catch22catch22
    edited August 2022
    I've followed Mr. K, off and on, periodically. He seems to be quite full of himself. Being a U.S. President has surely passed through his thoughts before sleep arrives.
    Me thinks Mr. K likes the shiny lights circuit, ya know; the big top. He's not a dummy, but I believe he's quite sure his shite never stinks, must be someone else.
    Can you say, "Power" ?
    Obviously, he doesn't care much about the wee folk and their IRA's, 401k's, 403b's or 457's and playing with their money.


    Time at the cabin

    Mr. K, "Please, I want to be your governor"
  • hank
    edited August 2022
    From one of the above links - “He now spends his days cutting fire wood … “

    Make us all poorer and we’ll all be cutting our own firewood.
  • rforno

    FWIW saying the public photos Bloomie showed of him last night as they reported the story were not the greatest look, perhaps done intentionally --- NK smiling, laughing, and otherwise looking gleeful.
  • stayCalm
    edited August 2022
    Photos are usually intentionally chosen depending on the slant of the author and publisher. Media outlets on both sides do it. You'll either see Pelosi's or McConnell's 3 chins depending on the media outlet.

    Media long stopped being an arbiter of truth, it's all about stirring the pot and collecting the eyeballs.
  • Old_JoeOld_Joe
    edited August 2022
    I agree with respect to "Media outlets on both sides", but it seems to me that PBS tends to play things pretty fairly. I'm guessing that others may not agree regarding PBS.
  • rforno
    Old_Joe said:

    I agree with respect to "Media outlets on both sides", but it seems to me that PBS tends to play things pretty fairly. I'm guessing that others may not agree regarding PBS.

    StayCalm is 100% right. And yes, i think PBS does the best job of the American news offerings, just as how I think Bloomberg is far and away more informative/useful than CNBC.
  • davfordavfor
    A little more about Powell's evolving strategy for getting inflation under control....
    Powell “buried the concept of a soft landing” with his Aug. 26 speech in Jackson Hole, Wyoming, said Diane Swonk, chief economist at KPMG LLP. Now, “the Fed’s goal is to grind inflation down by slowing growth below its potential,” which officials peg at 1.8%.

    “It’s a bit like dripping water torture,” added Swonk, who attended the Fed’s annual Jackson Hole symposium last week. “It is a torturous process but less torturous and less painful than an abrupt recession.”
    Powell Abandons Soft Landing Goal
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