Hoenig, Plosser, Fisher & Bullard... all express concern over the box that Ben Bernanke has put himself into. They realize the recovery is born of inflationary policies that must be reigned back in or else that TYX chart in the previous post is going to kick down the barn door.
We schmucks in the public would be expected to be on the outside looking in at the motives of powerful policy makers, but when you see four people of this stature out of sync, well, it does not inspire confidence, now does it?
Fed's 'Extended Period' Rate Pledge Criticized by Some on FOMC.
They are concerned about the moral hazard of an inflationary boom that may be being produced (purposefully?) with the current zero rates policy against a backdrop of recovery which was produced by all that funny munny that was willed into existence.
“Some on the committee may be concerned that the ‘extended period’ language creates the perception that the Fed will refrain from raising interest rates well beyond the time that economic conditions begin to justify an increase,”
