In the past, investors have complained from time to time that Fed policy makers always take different positions in expressing their opinions, making people nostalgic for Greenspan as chairman of the Federal Reserve, when all he had to do was pay attention to Greenspan's speech.

The situation today is more or less similar to that of the Greenspan era.Federal Open Market Committee (FOMCAll the members of) have spoken in public many times, but now almost all of them are saying the same thing, that is, one person is speaking-but the question is, have they "told the whole truth"?

Whether it's Rosengren, the hawkish chairman of the Boston Fed, or Daley, the dovish chairman of the San Francisco Fed, their message is basically one: don't worry, take it easy.

Asked last week about the timing of the rate hike, Mr Rosengren replied: "I think it will be two years before it becomes a more important issue. "

"We still have a lot of idle labor, the labor force participation rate is still very low compared with before the epidemic, and the unemployment rate is still 6%. Therefore, before we consider raising interest rates, we also need to deal with this spare capacity and maintain the rate of inflation. "

Daley made similar remarks. The Fed will hold on until the labour force participation rate rises to a certain level and inflation remains high, she said. When asked when the two goals could be achieved, she said:

"it will take some time. We first need to achieve full employment, restore unemployment to previous levels, and allow all workers who leave the job market-especially women who quit to take care of their children-to return to the workforce before we can declare victory. "

The Fed has been trying to raise inflation and has not given up on that effort."if inflation is too high, we have plenty of tools to reduce it," Daley said. You can see that inflation will rise temporarily; but it will fall back. I am more worried about whether we can regain full employment and raise average inflation to 2%. "

New York Fed President Williams made the same remarks during a discussion with students at Rutgers University in New Jersey. "We know how to deal with inflation," he said. He added that he expected rising prices to keep inflation near the Fed's 2 per cent target.

Overall, Fed officials seem to be firmly sending a signal to the market that they have everything under control.Logan, executive vice president of the New York Fed, which manages open market operations, said the Fed firmly held control of short-term interest rates through overnight repurchase agreements.

In March, the Fed raised the limit on overnight reverse repo operations for money funds from $30 billion to $80 billion, leaving more room. Mr Logan said the Fed was ready to make technical adjustments as needed to keep interest rates at the level they wanted.

Fed Chairman Powell also said that at some point in the future, the Fed wants to reduce its monthly asset purchases (currently $120 billion) and that it will follow the model established in 2013 and 2014. at that time, the Fed gradually reduced its asset purchases after the financial crisis receded.

The Fed will slow its bond purchases, but may not sell any bonds and reinvest the principal for a period of time after maturity. He pointed out that it would take a long time to raise interest rates, and that whether it was a reduction in bond purchases or an increase in interest rates, it would be premised on "substantial progress" in employment and inflation targets.

But not everyone believes that everything is under the control of the Fed.Dick Bove, a strategist at Odeon Capital, says he believes the Fed has lost control of the money supply. "the Fed has lost control of the situation," he said. "" it's printing money like crazy. "

To some extent, the Fed must tell investors how it plans to deal with inflation because its new policy on average inflation remains ambiguous and creates uncertainty, according to the Economist.