Open Question About the Federal Reserve, from Vince Fulco
What is the use of this statement which shows up in every fed speech:
"As always, the views I express are my own and do not represent those of the FOMC or the Federal Reserve System."
Especially when delivered by the most senior people in the org. Is it a
1) legal requirement
2) a 'wink, wink, nod, nod' or a
3) explicit back door out should policy not create its intended reaction in capital markets? it would be a wonderful thing if specs were given a few 'mulligans' every month…