This is getting ridiculous. If the FED is so scared of this economy that they feel the need to volley phrases back and forth in support of their belief or disbelief that the economy has truly recovered then I guess consensus is out of the question with regard to the great recovery. And if there is no consensus then there is no GREAT RECOVERY.
The more hawkish FED figures have been stomping a giant hole in the magic elixir phase of "Considerable Time", used to described a time period between NOW and when the FED will begin to hike interest rates. The hawks have been hinting that; "Hey! Everyone, we are recovered, its time to raise interest rates SOONER THAN LATER." Well, that may fine and dandy around their dinner table but the more dovish FED personalities are a bit more cautious as the war of words continue. Chicago FED President Charles L. Evans now says it will be "Quite some time" before rates should raise. And I would expect a market reaction. As usual, a counterfeit reaction.
This is one hell of a game they're playing at the FED. It is clear that the doves really don't think we are recovered and the hawks appear to believe we have recovered, well maybe. I don't think neither the hawks nor the doves believe in this great recovery. I think its a war of words with regard to when we will see the inevitable crash of the markets as bad or likely worse that 2008.