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“Monetary policy should allow a temporary rise in unemployment and inflation to let an economy find its balance from an oil-price shock.”
– Federal Reserve Vice-Chairman Donald Kohn

That comment on the heels of Bernanke breaking tradition, and taking the lead from the Treasury Department in talking up the dollar? That comment with Treasury Secretary Hank Paulson - “not ruling out intervention” in supporting the dollar? And that comment with the President himself, dusting off the pom poms from his collegiate days, and talking up the dollar?

Kind of makes you wonder who’s on first at the Fed, doesn’t it?

With Fed Gov. Fredric Mishkin leaving in August, that now makes three vacancies at the Fed.

You know what? I think I’ve found three perfect candidates…

“The Fed and the Treasury’s New & Improved — “Strong Dollar Policy.”

Mo Later,
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