Lacker, from Duncan Coker

June 27, 2013 |

 Today as the market looks to get even for the month, Lacker is part of the rescue. He is one of the most hawkish on the Fed, but is also a realist commenting on how there is no meaningful reduction in bond purchases anywhere on the horizon. Tapering, he points out, is a derivative, changes in the rate of purchases, but still purchases.

As an aside, in swimming, tapering is the last phase of a rigorous training schedule in preparation for a race. Tapering implies some sort of disciplined or difficult action preceding it. It will be nice when the word retires from the financial lexion as "the cliff" did.

At present, Lacker is a non-voting member so has nothing to lose by telling the truth. With B retirement talk, Lacker would be the best candidate, but the odds can't get long enough and better to wager a summer claiming race at Saratoga.


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