MacroScope

Dallas Fed president takes dig at consultants

October 19, 2010

Federal Reserve

The president of the Dallas Fed took a dig at consultants at a speech to business economists in New York on Tuesday.

“Just as bookies in Vegas adjust their lines for the playoffs, the oddsmakers on the Street are constantly reassessing their positions regarding monetary policy,”  Richard Fisher said.

These positions change with developments in the economy, articles in the press,  “and with the insights of consultants and analysts, some of whom even claim, spuriously, to have access to the internal deliberations of Federal Reserve policymakers,” he said.  In some cases, though, the information is a little bit too detailed for it to be fabricated, as a Reuters investigation found last month.

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