Former Fed Governor Stephen Miran spoke out this morning against hasty rate hikes, stating that the full impact of Fed rate hikes and cuts are not usually felt for 12-18 months. This is reason number one why the new FOMC Chair wants to focus on forward looking data rather than the historical rear view mirror reports. The hope is that changing focus will stabilize market swings and keep whipsaw effects to a minimum.
Fed Chair Kevin Warsh will be speaking from the annual Jackson Hole symposium tomorrow. Giddy up.
