In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris address:
- Fed Fizzle
- Even if/when the Fed decides to inject more liquidity, it's increasingly questionable whether that will have any real impact
- Europe's Choice: Uncertainty or Panic
- The day of reckoning is approaching, but Europe is showing us we still have time left to act
- Crisis Fatigue
- Don't deviate from your convictions. Just because something is taking longer than you expect doesn't mean it won't happen
The Fed disappointed the herd hoping for more QE (i.e., thin-air money printing) to be announced this week. Asset prices are drifting lower as a result, increasing the already-growing tension in world markets. Meanwhile the contagion in Europe seems to grow worse by the day. Even though it may feel tiring to stay ever-vigilant for a market dislocation, the risk is still worryingly high, so continue to remain on the defensive as best you're able.
Fed Fizzle
The Fed announced Operation Twist: Redux this week, extending its Treasury buying program by another $250 billion or so. Chris sees this as little more than a "spinning your wheels" move for the Fed.
Mish was quick to point out that the economic crisis in Europe has done more to drive down US interest rates over the past few weeks than anything the Fed has done in years. There's an increasing amount of data growing that indicates the Fed's ability to impact desired outcomes is waning.
Put another way: if you're depending on
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