James Grant, of Grant’s Interest Rate Observer fame, stopped in to visit with CNBC’s Maria Bartiromo on a day when the equity and bond markets were a volatile roller coaster as the markets parsed and dissected every word and nuance uttered by the top Fed central planners.
“You know what else is scary, is that we seem to be so Fed-centric. Since when is a central bank the principle fundamental in financial markets or an economy? Does everything really ride on the syntax or the judgment, or let’s be frank, the guesswork of these well-intended scholarly people?” Grant asked rhetorically.
A bit later Grant strikes a familiar chord: “The Fed has a definite impact. It might not be the one they intend,” he said. Watch the video to see the rest of that important thought.