A piece in the Wall Street Journal focuses on the new Fed Chair Powell testimony today, but it conveys a bigger message

  • broadly, investors should shrug off the idea that the Fed has any special insight into what will happen a year from now

I'd be even more broad .... its not just the Fed you should be treating with scepticism. As they say in the classics, DYOR. (And ... I'd be treating your own insights with scepticism too .... yes I include myself in that).

Anyway, an example from the piece:

  • A month ago, the market consensus had already shifted to a belief in synchronized global growth and a much stronger U.S. economy in the short run. But data since then have begun to disappoint, and while it is far too soon to dismiss the idea of faster growth, it doesn't seem to have arrived as quickly as was first thought.

Yeah ... a month ago .... not even a year.

Here is the link, well worth a read: How Little Does the Fed Know?

Its the Journal so it may be gated

Yes, be sceptical, but don't forget the love! too