Yeh although I don't believe Reserve Banks and Fed Reserves etc actually control interest rates anymore, I think they just respond to the market and then add some commentary for the media.
Seen an interesting chart of the Fed official rate and the 13 wk Treasury Bill rates and clearly on every occasion that the Fed altered, the market had broken out of the trading range weeks before. Our Reserve Bank is same same with the 90 day Bill rate. Watch the market rate movements and you will see if the Fed has to alter or not.
So I get the feeling our poor pollies and public servants are just along for the ride like the rest of us, although they need to talk it up like they are in control otherwise what's the point in having them.
And yeh, they have been struggling to induce inflation for many years now pulling all the same levers. Points for persistence maybe, not so much for results.
(20min delay)