Fed vs Fed vs NYT
The NYT has an article out tonight saying that "fissures are developing" at the Fed about when and how much to start raising interest rates and sticking a straw into liquidity programs. That dishy opening suggests we are going to hear about insiders, unnamed sources and the ever-present "officials with knowledge of the situation" who think Ben Bernanke is a naughty boy.
But we don't. Instead we are told about various speeches from various Fed officials over the last few months, echoing speeches from the same people over the few months before that, saying the same things now as they said then. Newsflash: Inflation worriers are worried about inflation!
The NYT tries to defuse this by saying that this argument goes beyond the "traditional split" between inflations "hawks" and "dove", but it's not at all clear that it does. I'm not saying there isn't a split, but it seems like the same one at the Fed as ever.
More here.