Another week in these odd times, public policy and theoretical economics completely dominating markets. Federal Reserve leadership -- Vice Chairwoman Janet Yellen and New York Fed President William C. Dudley -- gave same-day speeches that clarified the following: 1. The do-nothing, hawkish regional-Fed presidents' club is alone in its treehouse. 2. If anything, the Fed has not done enough since 2009. 3. The Fed's commitment to ease through 2014 is more likely to be longer than shorter. The Fed takes cover under its congressional mandate, saying "unemployment is too high," which is true. But the greatest danger lies overseas: Industrial production in the European Union had the worst month in two years; China's economy is slowing faster than expected; and Japan is ... who knows. The Fed cannot risk a U.S. stall now. Bonds already had the hint: The March spurt in rates fizzled out last week. Stocks got the "more easing" message, too: a midweek rally p...
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