THE FED HAS SHIFTED (AND THE MARKET HAS MISSED IT)

The Fed has a new message. So far the market is not listening, but it should be, as the shift will have a profound effect on financial markets.

It started with the dissent at the last FOMC meeting from Neel Kashkari. In an unusual move, Kashkari published a blog piece explaining his dissent. Although he presented plenty of the usual reasons for not going…