We did this afternoon run the Fed s statement of yesterday through our newly refurbished Acme brand Automated Steam-Powered Gold-Mention Ferreter. It failed to ferret a single mention of the word gold. Nor could the word gold be found in the PDF version of the central bank s report on the program known as Fed Listens. That s where the Fed, in 15 meetings, sounded out the public on its strategy.
The Fed Listens report runs to 131 pages. Yet our trusty Acme brand Gold-Mention Ferreter failed to find even one occurrence of the word gold. What that says to us is that the Fed needs Ms. Shelton. She s highly collegial, unlikely to turn over the tables. Our guess, though, is that with her as one of the governors, the Fed would be less likely to make the kind of blunder that so worried the Great Sanhedrin.