Should we worry about potential contagion to weak eurozone peripheral countries? I don't think so, as the current account balances of Greece, Italy, Portugal, and Spain have all virtually improved to zero, compared to India's 4.8 percent deficit.
Disturbing as some of the March economic data has been, it is just one month, and that does not constitute a trend. It would be unsettling to the economy and the financial markets if the Fed shifted direction with every twist and turn in monthly data.
Since the Fed wants to turn over a new leaf, why not ask for the transcripts of the meetings from 2007-2010? Let's just accelerate the timetable, and let everyone know what really went down at those meetings during the crisis of 2007 and 2008. And we got them. And we'll show you just what we got.
A series of inaccurate forecasts could make people doubt the ability of the FOMC. Opinions on the new reporting detail will vary, but ultimately the verdict may lay in the hands of whoever eventually succeeds Ben Bernanke as Fed chairman.