How can you define the sort of sentiment expressed by SF Fed chief John Williams, who begins his speech with this “pearl of wisdom”:
I’ll be honest: These speeches get more and more enjoyable as time goes by because the economic outlook keeps getting better and better. Instead of gloom and doom with a scattering of hopeful notes, things are now pretty upbeat, with only a couple of standard economist’s caveats thrown in.
I know that humans have an enormous capacity for survival, being able to get used to (and survive) the grimmest conditions. But I would expect a highly educated and experienced monetary policymaker to be more sophisticated.
I turn to an overused chart to explain the sentiment. It´s simple: When your olfatics cannot discriminate “bad odors”, you can enjoy things again! That´s probably what happens when you have spent more than six years inside a “monotonic depression”, where the sense of direction is positive, even if you are deep inside the sh–hole!