Fed Chairman Powell had some interesting comments about the Manufacturing ISM this morning. Sean, if you saw it on FOX Business, what are your thoughts? His assessment wasn't so bleak.
The Fed has never been good about either knowing what's to come...or sharing what's to come. It's one of the two. But either way, the Fed hasn't been good about seeing something bad coming and being ready for it ahead of time. They've been more reactionary to whatever happens. Part of it is because they are mainly economists. And markets are forecasting mechanisms. So markets tend to fall before an economy turns downward. By the time the economic numbers turn downward, markets have long been in a bear market (typically). So they end up coming in too late.
I got to hear part of the talks with Powell, Yellen and Bernanke, but not all of it. I think it's interesting how "it just so happened" that all three Feds were interviewed at such a touchy time in the market. Hmmmmm. Ha-ha. Even though that may have been pre-scheduled, I still think they're worried about the market and future for the economy. But the Fed could create their own problem if they said "things are bad and they're likely to get worse".
Now, with that said, Bernanke was honest enough to reiterate that 2019 likely slows down and 202 will likely be even worse.