Austerity Strikes The Fed: Boston Reserve Bank Slashes 160 Jobs Due To US Treasury Cost-Cutting

Thursday, May 8, 2014
By Paul Martin

by Tyler Durden

As The Fed tapers and shifts its decision-making process away from rules-based, model-backed strategies in favor of “we’ll know when to tighten when we see it” qualitative hand-waving, it seems the need to maintain teams of PhDs – to mutually masturbate over the historical back-fitted effectiveness of their models – is lacking. As The Boston Globe reports, The Federal Reserve Bank of Boston will cut nearly 15% of its workforce – around 160 jobs – in the largest layoff in over a decade… “It’s obviously a tough decision for us and the folks who are here,” Lavelle said. “It’s really about cost and efficiency.” Austerity strikes… (as it turns out the job cuts are due to losing a key customer – The US Treasury!)

The Rest…HERE

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