The Federal Reserve Not Happy with Arnaud Mares Report

Last night I ran into a Fed man. This is not unusual in D.C. We discussed many things, then he brought up the report of Morgan Stanley's Arnaud Mares, not me.  I covered the report here. He asked me what I thought. I told him it sounded like a very reasoned argument that the U.S. was in greater trouble financially than Europe.

Fed man then said, "He threw that right in the middle of the Jackson Hole Conference while it is going on, on purpose."

I then asked him if it was making a big impact at the Fed. He told me, "When I walk into my office in the morning, on my desk are copies of all the reports and anything else written about us and the economy. Anything written that uses so many adjectives and adverbs gets put to the bottom of the pile."

Translation: It's having a big impact.