They don't come any tougher or straighter than ICAP's Adam Carr, who calls a spade a jack-hammer:
"In central bank land, one Fed member (Plosser, a voter this year), one of the few who seems to know anything about economics, suggests that monetary policy will be unable to speed up adjustments in the labour market and that attempts to use monetary policy for this purpose may create further instability. Here, here. He also argued that the Fed’s powers should be curbed to prevent abuse (further abuse I would argue). Here, here. On the outlook, he seemed to suggest that the Fed could end Qe2 early and even hike rates this year if conditions warranted it, stating “I do know that there is a danger that we wait to long, and the consequences of that might be disruptive and dangerous”. I would suggest that it is 100% guaranteed that the Fed will wait too long and that absolutely the consequences will be disruptive and dangerous. This is from a central bank that brought us GFC I and we expect them to steer a steady course through the fall out? You’re kidding."
