Submitted by Scotiabank’s Guy Haselmann,
In Loving Memory of Dear Great Aunt Addy
Hear ye, hear ye, Fed policy is hereby bestowed the name “Great Addy Policy” in memory of my great aunt who drove with one foot on the accelerator and one foot on the brake. This is fitting since the FOMC is physically applying the brake by ending its asset purchase program in October, while simultaneously blowing hot air into the accelerator in the form of promises of continued accommodation.