Markets & Economy

The Fed looks crazy

Time for someone else to step up and provide some reassurance

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Credit markets are still struggling to understand the Fed and to lay odds on its intentions, and failing, still on hair trigger for more selling and rate increases. The housing market is better -- in some places a great deal better -- and psychology even better than the markets themselves. It is a great relief to a lot of the nation just to be able to sell a home, let alone at a higher price. However, no one knows or can know how housing will fare with mortgages pressing toward 5 percent. The stock market is happily drunk (again), but -- a positive indicator for the economy? Or just more computer gaming, the market's principal source of trading? By comparison, this Fed business makes the stock market seem the soul of sobriety. The Fed's newest flailing whipsawed markets all day Wednesday. First came the release of the Fed's June 19 meeting minutes, which everyone scoured to try to understand the disastrous Bernanke press conference right after that day's meeting. Did he ...