0632 GMT - The Federal Reserve should back off its "irrational rate increase policy" as monetary policy should focus on core inflation and not inflation driven by oil prices, says Jay Hatfield at Infrastructure Capital Advisors. The Fed should recognize its primary impact is on the interest-sensitive sectors of the economy which is dominated by housing, says the CEO and portfolio manager. Hatfield urges fundamental reform of the Fed's forecasting models, the arbitrary 2% inflation target, and the "deeply flawed inflation indices it follows." Infrastructure Capital Advisors is also looking forward to the Fed's task force results that may address some of these fundamental flaws, he says.
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