The West Coast Fed on Yesterday’s East Coast Fed Action

PIMCO’s Bill Gross appeared on Bloomberg TV to discuss what the Fed’s new QE program means for markets and the economy going forward. I liked this response when he was asked about whether or not he’s been invited to DC to discuss policy with the Eastern Fed Empire:

“Not frequently. Mohamed is a great ambassador and he picks up the phone frequently, I think, but we have not been invited to these meetings. I find it a little strange with our $2 trillion asset base, we did participate in 2008 and 2009 and the commercial paper program for the Fed and for the mortgage program. We have been in there helping out, so to speak. We haven’t been part of the meetings. That’s our style. We’re on the west coast. We sort of like breathing the fresh air and looking at the sunshine, but no invitation yet.”

LOL.

Here’s Bill: