Stop Me If You've Heard This One Before

Stop me if you've heard this one before: the Fed shifts the dot plot lower, but still well above market pricing, Janet Yellen sounds as indecisive as the little old lady who takes five minutes to order a cup of coffee while ahead of you in the queue, and fixed income rips, the dollar sells off, and equities meander higher.

Yawn.

Shame on Macro Man for expecting anything different, and shame on them for continuing this farcical sham of a monetary policy regime, the goal of which seems to be to perpetuate the "everybody wins" mentality that pervades elementary education these days.  Perhaps in lieu of a brokerage statement, Macro Man can receive a participation medal instead?

The problem with everybody wins, of course, is that it works until it doesn't- and when it doesn't, participants find that they've made choices that may have seemed collectively rational but were individually pretty stupid.

Drawn from a blank sheet of paper, would current economic circumstances merit ZIRP?  Almost certainly not.  Yet whenever the Fed or those other fatuous fakers, the BOE begin to talk tough, their "threats" prove as empty as a beer can at the end of a college party.

We cannot, of course, trade the world that we'd like to see, merely that which we do so.  And in that world, the mistakes of the past are writ large, as ostensibly intelligent people blithely ignore the policy error that landed them in this corner to begin with.   And so, having started this post by quoting a Smiths song, it is perhaps only meet to end it with another:

Dip-buyers of the world, unite and take over.