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Powell’s Fed seems to be ready to junk the dot plot

Today 09:56 GMT

The precision of these (median) point estimates in the dot plot is at odds with repeated warnings by Fed officials that the outlook is highly uncertain and that incoming data will dictate the appropriate policy response.

In any case, given that the dot plot hasn’t been spot-on in a very long time, we won’t be upset if the Fed deletes the dots in the future. We’ll take Powell’s advice and view it with a cursory glance and from a few steps back.

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte