“Depression is merely anger without enthusiasm”–Steven Wright
I am a big fan of quotes. Some are profound and give me “food for thought” as it were. Some statements defy conventional wisdom to such a point that I wonder what happened in that person’s noggin to allow them such twisted thoughts. And some are just plain funny. I like funny. Here’s another one from Steven Wright: “I intend to live forever. So far, so good”.
And then there is St. Louis Fed President James Bullard. Super smart guy, but not so funny. This morning he said that he sees a low probability of a U.S. recession, while at the same time, eroding inflation expectations have hurt Europe and Japan, and that is something that the U.S. should fight to avoid. If I had to guess on what that means, I’d say that he is hinting that he is voting (literally, as he is a voting member of the Federal Open Market Committee that meets eight times a year to set economic policy and set the future of interest rates), to hold off on Fed rate hikes for the time being.