Financial markets are preoccupied with Fed leadership in the absence of any other

  • The financial markets today reflect a world wandering through an odd passage. Not aimless (plenty of people have aims ... too many), but without direction.
  • Recent Treasury Secretaries have been a collective void (back to Rubin in 2000), while Congresses and White Houses have been committed to fruitless disagreement.
  • John Williams, president of the San Francisco Fed gave a speech last Monday; one part is fun, but the concluding paragraphs are important, frightening and overlooked.

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Trying as always to grasp the present, it seems to me the financial markets today reflect a world wandering through an odd passage. Not aimless (plenty of people have aims … too many), but without direction in two senses: not headed anywhere in particular, and certainly not led by anybody greatly worth following.