Welcome to this blog's first clown horn report. It's a historic moment. Enjoy!
May 11, 2016
The Fed never anticipated low rate impact on financial sector: Fisher
Fisher said Fed policymakers did not anticipate the scope of easy money's impact on the financial sector.
"Bank's interest margins are being hammered. Money-market funds are trying to squeeze out a return. This is the kind of stuff, to be honest, sitting at the table, we did not foresee at the FOMC," he said, referring to the Federal Open Market Committee.
Who could have possibly imagined, in their wildest dreams, that highly liquid short-term money market funds would struggle to squeeze out returns if highly liquid short-term treasury bill investors were struggling to squeeze out returns?
Two clown horns? This is shocking, unprecedented, and highly irregular!!
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