They have a lot of good will built up it would take repeated actions like this for the Fed to lose credibility. But if they continue to talk pessimistically while the numbers call for a more optimistic outlook, there will begin to be a disconnect between where the Fed would like to see interest rates and where investors believe rates should be.
More Quotes from Anthony Crescenzi:
In light of the political backdrop, the decline in confidence is understandable and is therefore of little worry, particularly now that the primary season is over,Anthony Crescenzi
Watch for Fed members' comments this week they'll say, 'It's just one month,' ... They tend to look at the cumulative evidence on certain issues before passing any meaningful judgment with policy significance. They need much more than this.
Anthony Crescenzi
It would be a mistake to get bearish on the consumer now. It's been a mistake to be bearish on the consumer for many years.
Anthony Crescenzi
The Fed's history has been that they solve one problem but create another,
Anthony Crescenzi
It remains rational to expect job gains of over 200,000 per month in the upcoming months, ... The longer it takes to reach that point the more likely it is that forecasters will continue to skedaddle and lower their forecasts still further.
Anthony Crescenzi
I think it is more psychological than anything, ... But there is concern more money will be put in euro reserves than in dollar reserves.
Anthony Crescenzi
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