Cramer: "Coy Fed Makes Risk Less Attractive"
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Cramer: "Coy Fed Makes Risk Less Attractive"
"Coy Fed Makes Risk Less Attractive"
By James J. Cramer
RealMoney Columnist
5/21/2004 8:48 AM EDT
"Confused? You have every right to be. Last night on "Kudlow & Cramer" I interviewed Bob McTeer, perhaps the most cerebral and forward-looking man in the Federal Reserve right now. Within the span of 3 minutes and 47 seconds, he left open the possibility of an intramonth meeting at the Fed to raise rates, as well as the possibility that there will be no rate raise at the June 30 meeting because the economy is slowing.
In just this one interview, he made me scared that we could be having too much inflation at the consumer level and a slowdown at the consumer level. He made me worry about the industrial portion of the economy's strength and its weakness.
Maybe that's his job, to make sure that guys like me can't pin him down, to make sure that the future is opaque. Maybe it is his job to say, "The jury's not back yet, we haven't decided."
But the indecision and the subsequent misdirection moves he threw at our audience made me feel like I had just been juked by Walter Peyton , like some aimless, clueless defensive end being shucked on the way to the goal line. The choice of Peyton isn't idle; he played for the Bears.
When you have that level of un-clarity, you find yourself wanting to take much less risk. You find yourself unwilling to make a stand. It isn't worth it.
You stay on the sidelines.
And you remain more confused than ever.
What should McTeer have said? "The economy is healthy, the market has spoken and taken rates up and we've got to do the same, too."
Period. End of story. "
(in www.realmoney.com)
By James J. Cramer
RealMoney Columnist
5/21/2004 8:48 AM EDT
"Confused? You have every right to be. Last night on "Kudlow & Cramer" I interviewed Bob McTeer, perhaps the most cerebral and forward-looking man in the Federal Reserve right now. Within the span of 3 minutes and 47 seconds, he left open the possibility of an intramonth meeting at the Fed to raise rates, as well as the possibility that there will be no rate raise at the June 30 meeting because the economy is slowing.
In just this one interview, he made me scared that we could be having too much inflation at the consumer level and a slowdown at the consumer level. He made me worry about the industrial portion of the economy's strength and its weakness.
Maybe that's his job, to make sure that guys like me can't pin him down, to make sure that the future is opaque. Maybe it is his job to say, "The jury's not back yet, we haven't decided."
But the indecision and the subsequent misdirection moves he threw at our audience made me feel like I had just been juked by Walter Peyton , like some aimless, clueless defensive end being shucked on the way to the goal line. The choice of Peyton isn't idle; he played for the Bears.
When you have that level of un-clarity, you find yourself wanting to take much less risk. You find yourself unwilling to make a stand. It isn't worth it.
You stay on the sidelines.
And you remain more confused than ever.
What should McTeer have said? "The economy is healthy, the market has spoken and taken rates up and we've got to do the same, too."
Period. End of story. "
(in www.realmoney.com)
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