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Fed hawks’ head would explode if Fed does anything today

Earlier this week, Philly Fed’s Charles Plosser was very vocal on the Fed being too reactive to markets. He thought it was a very clear risk to the Fed’s credibility to be seen as reacting to every market burp and fart. I couldn’t agree more.

That is, of course, unless they see a bigger systemic risk to the banking system in the horizon than we already fear…Either way, the Fed risks being seen as panic merchants if they were to take additional steps near-term.