Yesterday, Janet Yellen stated that the Fed was “wrong” about employment and inflation.
I realize that the significance of this might be lost on many individuals. The Fed’s ENTIRE purpose is to pursue “maximum employment” and “stable prices”(aka low inflation). Indeed, these are LITERALLY the words in the Fed’s official “Dual Mandate” from Congress.
So for the Fed Chair to admit that the Fed is wrong about these two items is almost unthinkable. This is like the CEO of Exxon Mobil saying, “we don’t understand oil or natural gas.” Actually scratch that, what Yellen admitted yesterday was even worse as the Fed is in charge of the ENTIRE FINANCIAL SYSTEM and controls the printing of the world’s reserve currency!
Put simply, what Janet Yellen admitted yesterday was the single most incredible admission in Federal Reserve history. She literally expressed that current Fed leadership has no clue what it is doing. Small wonder Fed Vice-Chair Stanley Fischer is resigning. Who in their right mind would want to be around for what’s coming?
What’s coming?
An inflationary storm. The $USD has already dropped 10% this year. And that was BEFORE the Fed went public about the fact it has no clue about inflation. And the long-term chart is even uglier.
This is THE trend of the next six months. If you’re not taking steps to actively profit from this, it’s time to get a move on.
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Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research
