Faking it with Janet

 

 

This is Selgin's chart trying t make out Janet's rate decisions.

My chart for this period. I have many other charts for each period back to 1980 and the result is always the same. The Fed follows the one year.

This is the chart Janet worries. That peak in remits came in 2015, and she wanted that to drop, not rise.  This is Selgin's claim, normalization. Her only choice to normalize was to raise the target to match the one year, that is always the only choice, there has never been another choice.

Almost everything else we hear is some obscure chart to match some obscure theory and we miss forest for trees.