Last week, Chicago Federal Reserve Bank President Michael Moskow sat for an interview with CNBC. Sadly, the time was wasted by the network's "senior economics reporter," Steve Leisman, serving up what he thought were clever or tricky questions.
Nevertheless, Moskow's calm intellect and wisdom shone through. The Fed officer easily ignored Leisman's attempt to get him to divulge either Fed discussion details, or his own particular views on the coming meeting's decision for another rate hike.
What clearly emerged from Mr. Moskow's comments is a very confident, cautious, and experienced senior civil servant. He appears to be the type of experienced business person who makes you feel fortunate and more at ease, knowing he is on the job in his present position.
Ever mindful of the weight of his slightest remark, he simply reiterated that the recent data showing inflation running near 2% is at the high end of the Fed's announced comfort zone, and that the Fed is using developing data to guide its rate policies. Despite Leisman's efforts to pump him for "confidential" information, Moskow simply chuckled and ignored the questions.
The rest of the CNBC staffers on the show that morning had nothing better to ask of Moskow, either. Except for Becky Quick, whose question, I confess, I can't recall. It was inventive, but not really very informative.
It looks to me like the Fed really has its act together. Moskow's appearance sent a clear message that evolving economic data will continue to guide the group's interest rate moves, and that they will move to keep inflation from rising above the current level, which is at the upper range of their target zone.
It's helpful to keep this simple information in mind, because the business media will be trying relentlessly to concoct a news "story" about the impending Fed meeting's actions every day between now and that next meeting. Leisman was already busy, within an hour of the interview's end, with his "instant analysis" of the discussion. He apparently did not see the comical oxymoron in that phrase, in this instance.
Yes, there will be a lot more headlines to come. Fed-watching seems to be the topic that CNBC and other business media feel will sell the most airtime and print ads for the forseeable future.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment