If Federal Reserve Vice Chair Stanley Fischer is lecturing us about how it wouldn't mean much to have a little rate rise here, I think he's prepping us for one soon.
It would surprise me because we suddenly have the dollar back to free-fall status courtesy of the usual craziness in Greece and a local election in Spain that seemed to be a repudiation of austerity. Still, I believe a lot of the weakness has to do with the idea that this, again, would be poorly timed given that our data aren't that strong and we can't make a good case for something now. He's not saying now, but that's how people interpret it.
I will say that when I think about all of the money being thrown around at cable companies, namely Charter's (CHTR) gigantic bid for Time Warner Cable (TWC), I do think that the Fed has to be more concerned about this kind of activity than, say, excessive valuations in stock. This Charter-Time Warner deal totally smacks of the insane deals of 2000 -- except this time because rates are so low and because Comcast can't compete because of the government, it makes a ton of sense.
Still, I would like to think that a day will come when we don't hang on every word from the Fed or that the Fed governors, chairs and the rest of them just stop talking between meetings.
But that's definitely too much to ask for at this moment.