The Price of Mispricing

These policy statements are taking on that familiar air of uncertainty again. There’s now talk about overseas things, though unlike 2015-16 they aren’t as nonspecific as “overseas turmoil.” Trade wars have entered the official guidelines in a way that Jerome Powell wishes it hadn’t. There is always uncertainty at any given time, but the constant intrusion of big things is beyond the usual noise.

We know its big, this something, by what the FOMC spends it time talking about – and writing down in its official statements. The words “yield” and “curve” particularly together have notably become a regular feature


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