The Fed has no cred. Federal Reserve policies have moved from beneficial in the early years of Quantitative Easing and reduced interest rates to ineffective over the past few years.

I’m on my way to join the world’s central bankers at Jackson Hole for the 35th annual monetary-policy conference in the Grand Teton Mountains. I attended the first monetary-policy conference there in 1982, and I may be the only person to attend both the 1st and the 35th.

Its models are unreliable, its policies erratic and its guidance confusing. It is also politically vulnerable.

Even if a central banker is all you ever wanted to be, you’d have to think twice as you head for the Federal Reserve’s annual symposium in Wyoming later this week. After seven years of quantitative easing and inflation targeting, the Fed is riding an exhausted horse and seems to have no clear idea where to find a new mount.