It may just be that we are wild and crazy guys here!
It seems unlikely that he would say anything that would be intended to greatly alter expectations. I don't see what the market has priced in now, in terms of near-term rate actions, to be at odds with the general drift of policy-makers' thinking.
Some concrete judgments have to be made. There is a long list of practical questions that need to be addressed, starting with which price index they should use, what the specific number or range should be, and to what time period it should apply.
When we've attempted to apply the brakes in past expansions, we generally ended up skidding into a ditch.
The message we've received from Fed statements lately has been quite consistent. I don't expect what he says to depart very much from that.
In the current cycle, there would seem to be a risk of a particularly large decline in the market, given that, by many conventional metrics, we experienced a speculative bubble of extraordinary proportions.
There are observances of the occasion occurring at the Fed on a modest scale. I'm not surprised that there isn't anything more.
