US Bond Market Week in Review: Fed President Williams Is a Bit Too Mechanical

      There are several ways to classify Federal Reserve governors.  The most common is obviously hawks and doves, with the former arguing for rate increases to pre-emptively slow inflationary pressures while the latter are willing to let the economy run a bit hotter, allowing inflation to increase.  But other classifications are possible.  Over the last few years, I’ve noticed an emerging line between the “modelers” – those who base their interest rate policy determinations on the Fed’s macroeconomic model — and those who rely on data.  Yellen and Fisher are examples of