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Category Archives: Monetary Policy
Memo to Wall Street: The Monetary Cavalry Ain’t Coming
For the past 25 years, markets have depended on central banks to bail them out because of the delusion that “inflation had been vanquished to the dustbin of history.” Even after the Jay Powell smackdown, we still hear talk of … Continue reading
Posted in Inflation/Deflation, Monetary Policy, Uncategorized
Tagged ECB, Fed, Inflation, Monetary Policy, Real Fed Funds
22 Comments
How The U.S. Made Inflation Worse
Not a bad primer video from CNBC on the Fed’s policy mistakes, which we all are now, literally, paying for. I would add that monetary policy is a black box, mainly because we can’t define the money supply, much less … Continue reading
Posted in Inflation/Deflation, Monetary Policy
Tagged Fed mistake, Inflation, Monetary Policy
21 Comments
History Is Not On Inflation’s (or the Fed’s) Side
CPI inflation hit 9.1 percent in June. The FinMedia is quick to point out it was “the highest level in more than forty years,” We doubt you will hear (at least from them) any context or the rest of the … Continue reading
Posted in Inflation/Deflation, Monetary Policy, Uncategorized
Tagged Fed, Inflation, Monetary Policy
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Inflation: The Road Ahead For The Rest Of 2022
#CKStrong A reasonably informative video below, especially regarding inflation. Not much mention of the growth of money driving excess demand, however. M2 (thanks to the great Ed Yardeni for the charts) is still growing over 10 percent, in the U.S. … Continue reading
What Are Bond Yields & Breakevens Telling Us?
#CKStrong Carol K.’s ANC broke above 1200 today. Absolute Neutrophil Count (ANC ) measures a type of white blood cell that kill and digest bacteria and fungi to help the body fight infections and heal wounds. At a time … Continue reading
Why This QE Is Different In One Chart
Robin Hood traders don’t bother reading. The latest round of central bank balance sheet expansion, which will reaccelerate soon as Biden’s COVID bill is passed, needs some context. By the way, we did some rough approximations late last night and … Continue reading
Markets Have Jumped The Shark
Welcome to the Twilight Zone. Nothing seems real anymore — not the economy, not the markets, not the politics — and it is increasingly difficult to distinguish the difference between what is and what isn’t. It truly feels the economy, … Continue reading
The Last Central Banker With Balls
[Balls as in courage and bravery. Exemplified in the quote, “Margaret Thatcher was Ronald Reagan with balls.” Don’t get all PC on us now!] As a graduate student, I interviewed at the Federal Reserve Board in the Eccles Building on … Continue reading
Are Central Banks Ready To Break Their Codependency?
Breaking our radio silence as we couldn’t help ourselves after reading former NY Fed President William Dudley’s piece imploring the Fed to stop enabling Trump’s trade war. It sounds like central bankers are starting to realize they are, and have been, … Continue reading
Posted in Monetary Policy, Uncategorized
Tagged Bill Dudley, Central Banks, Codendency, Enablers
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