Odd Man Out at the Fed: Kaplan Talks Tapering, Inflation, Risk Management, Excesses in Financial & Housing Markets, Supply-Demand Imbalances

"While you don't want to be too preemptive" in tapering, "you don't want to be so reactive as to being late.". After an onslaught of Fed governors assured us over the past few days that monetary policy is "in a good place," and that it's "not time to talk tapering," and that inflation is nothing to worry about, despite the "raging mania" in the markets, as Druckenmiller called it, and despite inflation that has come unhinged for the first time in decades, here comes odd-man-out Dallas Fed President Robert Kaplan, speaking at a Q&A event at the University of Texas at Austin's McCombs School of Business. And it was fascinating.