Translation: Neither the Fed nor the ECB have any credibility and a hard landing is inevitable.
The Fed's blackout period ends today so we'll be getting more talk and it's no surprise that Bullard is the first one to speak. The one we're all looking forward to is George with an explanation on why she dissented. The leading theory is that she wanted to loosen the balance sheet more aggressively rather than hike 75 bps.
