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Fed Transparency... You Can Keep It

There's a lot to be said for being kept in the dark. Mushrooms like it, so do vampires I've heard. Fed Chair Janet Yellen seemed to have yanked a page straight out of Alan Greenspan's "Fed-speak" playbook. While answering a question posed by a reporter about the time frame before a possible rate increase at the end of quantitative easing (QE) she mumbled something about six months. Unfortunately she probably didn't get the interoffice memo requiring un-qualifying answers to qualifying questions about interest rate increases, per the Greenspan "Fed-speak" Act, and "six months" hadn't been baked into the financial market's tasty cake.

Chairperson Yellen has surely been around the Federal Reserve block a time or two, and being from Brooklyn it's doubtful she has a habit of mincing her words. Regardless of what the fee dependent street pundits are saying about her not really meaning what she said, she's probably just being a little too transparent for most. It's almost enough to make you long for the days when Fed Chairs Volker and Greenspan truly kept us in blissful denial, where what we didn't know could ever hurt us. So for now I'm.

Fully hedged and net short.

Mike Howell

Disclosure: I am long GILD, MSFT, TVIX.

Additional disclosure: Long SPY April puts 186 strike. Short GILD and MSFT April calls.