This past week saw the release of the FOMC Minutes. Nothing new to report here, just the typical Fed speak and jargon we have come to expect month in and month out. The usual expectation of inflation picking up in the years ahead, the usual talk of balance sheet reduction and of course what would the minutes be without some doubletalk such as these quotes, “Most Fed officials see inflation rising in the next couple of years and some are concerned by weak inflation.” So, which is it dear Fed, are we really concerned about inflation picking up? Or are we concerned by inflation weakening? It is this double speak that we truly can’t stand and its why we do not take anything the Fed says seriously. We would rather rely on our own empirical research to determine economic and investment possibilities.