In a WSJ piece posted today by the FED‘s media darling Jon Hilsenrath–the leak source of choice–wrote an article criticizing the FED and its reliance on flawed models. Readers of Notes From Underground are well aware that the whole purpose of this blog is to challenge the absoluteness of quantitative models when it comes to global macro trading. The release of Hilsenrath piece just sheds light on a very common theme of mine. The bigger story will be is that the FED‘s new communication policy has placed Janet Yellen as the point person for the most important FED information and the reliance on any FED anointed journalist seems to have come to an end. If the market comes to challenge the FED‘s models, the volatility in 2013 will increase dramatically. Happy New Year and we have much to digest going forward. Also, in conjunction with the Hilsenrath article, here’s a link to the December 13 note.