Googly Eyes Fed President Shits The Bed (Again)

I posted on February 16 that Neel “Crazy Eyes Cash-n-Carry” Kashkari has been dead wrong in the past and he’ll be wrong again in the future.  Well, welcome to the fucking future fellow Fed watchers.

"His stance, as well as that of other central bankers, shifted significantly in recent months as inflation remained persistently high. Last September, Kashkari projected no rate increases in 2022. By December, he forecast just two.

In the essay, Kashkari wrote that there's now a chance the Fed may have to be even more aggressive. The central bank will need to take a "contractionary" stance — with interest rates above 2% — if inflation turns out to be shaped by an entrenched shift rather than temporary factors tied to the waning pandemic and related bounceback of the economy. "

Going further on with the Star Tribune article

"Like many other central bankers, Kashkari often insisted last year that the spike in inflation the U.S. began experiencing would be transitory. In more recent months, he acknowledged it has been higher and lasted longer than he initially expected.

On Friday, he admitted he was wrong. He began his essay citing an apology President Abraham Lincoln wrote to Gen. Ulysses S. Grant in 1863 about a tactic they disagreed upon in the Civil War. Lincoln directly told Grant he was wrong and the general was right."