Tuesday, February 05, 2008

Oh-Oh, If Lacker Is Leaving the Inflation-Hawk Nest, This Must Be Serious

If Lacker says times are going to get tough, things must be bad--either that, or Bernanke has hypnotized him.

FortuneTeller1
[Illustration by True Williams from "Lionising Murderers," first edition of SKETCHES NEW AND OLD, 1875, via Twainquotes.com]

Federal Reserve Governor Lacker has built a reputation as one of the few real hawks on the Board when it comes to voting against rate cuts. See my cartoon from November 2006 with him in the back of the boat.

Today for the first time in years, he speaks in favor of such cuts. See the Bloomberg extract of the speech, a Bloomberg video of the speech, or the Federal Reserve website for the written version some time later today.

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