Hayes has a nice little survey for us of the various federal reserve board responses to the American pastime of bombing sandy nations -- something that Hayes points out has been the tradition of each and every president since Bush Sr.

FOMC August 21, 1990:FOMC August 21, 1990:

“The heightened uncertainties and the prospectively less satisfactory performance of the economy stemming from events in the Middle East had greatly complicated the formulation of an effective monetary policy.”

“In the opinion of several members, events appeared likely to unfold in a direction that would require an easing of policy at some point to counter weakening tendencies in the economy that had been in train before the oil price increase.”

While Hayes makes a strong case that when the US bombs middle eastern states the fed cuts, I'm not sure that how long he can keep up his sunny Bitcoin is going up soon attitude.

It's a shorter letter than usual. I wonder if he's losing a little of his steam. If memory serves me rightly, he has been saying the printer is going to engage since early December. It's almost getting embarrassing how badly he wants them to turn it on.

Alan Greenspan 2001Alan Greenspan 2001

“It’s clear that the events of last week, at a minimum, have created a heightened degree of fear and uncertainty that is placing considerable downward pressure on asset prices, increasing the probability of an asset price deflation, with its obvious impact on the economy. Therefore, I propose a 50-basis point cut in the federal funds rate target.”

Hayes doesn't include any comments from Obama or Trump I era FOMC meetings because as he says, there was nothing for them to do: rates were already at zero.

I wonder if Hayes is getting a little tired of saying printer is coming (something he's been repeating since at least early December). It's getting to be a little embarrassing how badly he wants rates to get cut. Not dignified.