How was the FOMC vote unanimous the other day? Fed speakers so far today sound as though they are in full revolt. The latest to hit the tape is Bullard of the St. Louis Fed. He sounds critical of quantitative ease, saying without rules, it is difficult for the Fed to communicate its future policy path to markets.
Bullard notes that while liquidity programs are running off, asset purchases will swamp that effect.
These hawkish comments coming on the heels of a dovish FOMC statement should help underpin the dollar as short-term yields tick up and stocks stay soft. Inflation jitters should be somewhat soothed by the talk, undermining commodities.
