http://www.bloomberg.com/apps/news?pid=20601087&sid=akAtzD02rnlg&refer=home Federal Reserve Bank of St. Louis President William Poole said there's no sign that the subprime- mortgage rout is harming the broader economy and suggested an interest-rate cut isn't yet needed. ``It's premature to say that this upset in the market is changing the course of the economy in any fundamental way,'' he said in an interview in the bank's boardroom. ``Obviously, there could be an impact, but we have to rely on some real evidence.'' Barring a ``calamity,'' there's no need to consider an emergency rate cut, Poole said. His comments were the first by a Fed official since the U.S. central bank joined counterparts in Europe and Asia to inject emergency funds after a surge in money- market rates. The Fed has added $71 billion of reserves in the past five trading days. Poole playing the hard guy...
Is it just me or is Poole trying to upstage Bernanke? He is shooting his mouth off way too much in my view. Bernanke needs to remind people who is Chairman and who is the dolt from St. Loius.
Bernanke is in power. If you are in doubt, here is a reminder. Look at the last 3 days. http://newyorkfed.org/markets/omo/dmm/fedfundsdata.cfm '