The Fed has become far too tolerant of voices dissenting in public

Non-junkies find the Fed about as interesting as other non-junkies enjoy Presidential debates, but I promise that Fed issues are vastly more important. And current.

Long-term rates fell this week as a direct result of Fed disarray, the 10-year T-note below 2.00 percent briefly, and the prospect of Fed liftoff receding over the horizon.

Before the Fed whys and wherefores, some data. The U.S. is not recessionary, but third-quarter (Q3) GDP (gross domestic product) going into the Q4 is far weaker than in Q2. Consumer spending continues to cook along at 3 percent annual growth, but the soufflé is an unsustainable binge on cars, and other consumers are forced to over-spend on rent and medical care.

Core CPI (consumer price index) ticked up to 1.9 percent year-over-year, but drive…