Fra zerohedge:
After 6 years of false starts and always, relentlessly, constantly wrong Fed Funds futures projections…
… The one group of traders that has had the most to lose from assuming the Fed actually knows what it is doing, are Eurodollar traders: those who traffic precisely in the asset where the Fed should be in control (instead of everything else now dominated by the Liberty 33 boys including the S&P, USDJPY, gold, etc.):the Fed Funds Futures.
And it is in the Eurodollar market where following today’s latest jump across the various packs, at least one trader has finally had enough. From Bloomberg:
“Fed talk is losing its luster. Data is irrelevant unless it’s extremely weak or extremely strong,” says Todd Colvin, senior vice president at Ambrosino Brothers, a futures and options execution firm.
“This is the year the Fed is going to lose credibility when it gets to March or June and they announce why they’re not moving.”
Of course, the market could have called the Fed’s bluff years ago alongside Zero Hedge, spared itself decades of post-crash agony, and realized the Fed should have lost all credibility when it set off to centrally-plan every single asset price thanks to $3 trillion in reserves which have done nothing for the economy, and everything to make the rich, richer than they have ever been.
In any event, better late than ever, and we most sincerely hope that Todd Colvin is right: the failed monetarist central-planning experiment has gone on for far too long
