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"There's A Real Problem Here" - Did Fed's Plosser Just Admit Trump Is Right About Yellen?

Former Philly Fed President Charles Plosser got a lot off his chest this morning during a Bloomberg TV interview. Decrying that central bankers "wring their hands all the time," Plosser noted that The Fed was very "concerned about credibility," and was "pretty good at conjuring up reasons not to act."

His mutinous discussion then concluded, sounding very Trumpian, by noting that The Fed "shouldn't be afraid a recession might come," exclaiming "there's a real problem here" with The Fed.

Additional headlines include:

  • *PLOSSER: FED'S `IN A VERY DIFFICULT POSITION'
  • *PLOSSER: `THERE'S A REAL PROBLEM HERE' WITH FED
  • *PLOSSER: FED IS VERY CONCERNED ABOUT CREDIBILITY
  • *PLOSSER: CENTRAL BANKERS `WRING THEIR HANDS ALL THE TIME'
  • *PLOSSER: THERE'S FED DISSENT BECAUSE THERE IS UNCERTAINTY
  • *PLOSSER: `DISSENT IS HELPFUL' FOR FED
  • *PLOSSER SAYS FED PRETTY GOOD AT CONJURING UP REASONS NOT TO ACT
  • *PLOSSER SAYS FED SHOULDN'T BE AFRAID RECESSION MIGHT COME
  • *PLOSSER: WISHES FED ‘WOULD GET ON WITH IT’ AND RAISE RATES
  • *PLOSSER: NOVEMBER FED MEETING ‘NOT A DEAD MEETING BY ANY MEANS’

It seems Yellen is losing control of the narrative as more and more insiders 'get outside'; and perhaps, after all the establishment shock, Trump is right about the political nature of The Fed.