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But today’s debt ratios (both private and public) are substantially higher than they were in the stagflationary 1970s. Public and private agents with too much debt and much lower income will face insolvency once inflation risk premia push real interest rates higher, setting the stage for the stagflationary debt crises that I have warned about.
Sep 22, 2021 - 12:55:00 PDT
Unlike the central bankers’ depreciating fiat currencies, physical gold and silver are incorruptible, free-market forms of money that retain their purchasing power over time.
And with this, the runway to our year end target of roughly $2 trillion or more in reverse repo usage has been cleared.
Tapering is not a reduction in the Fed’s balance sheet, it is a slowing of the addition to the Fed's balance sheet. While the Fed continues to expand its balance sheet by $120 billion a month, it is simultaneously reducing its balance sheet via Reverse Repos.
The Fed Will Change Trading Rules for Members To Keep Public’s Trust After Controversy, Powell SaysSep 22, 2021 - 12:00:21 PDT
Federal Reserve Chairman Jerome Powell on Wednesday said the central bank's current trading rules are insufficient and promised to make changes.
Sep 22, 2021 - 11:11:19 PDT
Federal Reserve Chairman Jerome Powell holds a press conference after the central bank wraps up its two-day policy meeting on Wednesday. After Monday’s market turbulence, the Federal Reserve’s challenge will be to sound reassuring while acknowledging it’s preparing to make its first major step away from the easy policies it put in place to fight the pandemic.
FOMC Signals Taper "May Soon Be Warranted", Dot-Plot Shows Rate-Hike In 2022Sep 22, 2021 - 11:08:23 PDT
Heading into today's pivotal FOMC statement, dot-plot update, and press conference, US equities were doing their usual "FOMC drift" higher...
Federal Reserve Holds Interest Rates Steady, Says Tapering of Bond Buying Coming ‘Soon’Sep 22, 2021 - 11:07:20 PDT
The Fed indicated rate hikes could be coming a bit sooner than expected while significantly cutting their economic outlook for this year
Here are the Six Former Treasury Secretaries Who Urged Congress To ‘Move Swiftly’ on Debt CeilingSep 22, 2021 - 10:03:09 PDT
The letter was signed by former Treasury secretaries Henry Paulson, Timothy Geithner, Larry Summers, Jack Lew, Robert Rubin and Michael Blumenthal.
Biden Will Meet With Key Democrats As Infrastructure and Budget Bills Hang in the BalanceSep 22, 2021 - 09:52:16 PDT
Wednesday could be one of the most consequential days of President Joe Biden's first term in office.
This complete capture of all avenues of regulation and governance can only end one way, a kind of hyper-stagflation.
Sep 22, 2021 - 08:34:41 PDT
Inflation continues to skyrocket, raising deep concerns among voters of all stripes. And 80% voters overwhelmingly blame the guy in charge.
"President Biden relishes condemning tax-dodging billionaires but that $600 reporting requirement is a signal that IRS purgatory could soon be crowded with average Americans."
Let's investigate claims of a catastrophic US debt default as well as more likely scenarios. Forget about default, but this could trigger risk avoidance.
Understanding inflation beyond the headlines helps us answer the all-important question: Just how transitory it may or may not be.
Sep 22, 2021 - 07:45:41 PDT
The stock market rebounded from yesterday’s mild correction, but a glaring problem remains: S&P 500 real earning yields are negative. With all the Federal government fiscal stimulus and Federal Reserve monetary stimulus, we are seeing inflation and that inflation is eating away at S&P 500 earnings yield.
Sep 22, 2021 - 07:38:03 PDT
Building materials copper and PVC (pipes) both surged with The Fed’s Cat 5 hurricane approach to liquidity. Then copper backed-off, but PVC rose when Hurricane IDA struck the gulf coast. The Fed will announcing their plans (maybe) at 2pm today. What would it take to knock the U.S. recovery off course and send Federal Reserve policy makers back to the drawing board? Not much — and there are plenty of candidates to deliver the blow.
Contagion: Another Big China Builder Tries to Save U.S. Deals as Evergrande SwoonsSep 22, 2021 - 07:33:49 PDT
As the financial world warily watches the fate of cash-strapped China Evergrande Group, another big Chinese property developer is facing a ticking clock too, tied to projects in Manhattan, Los Angeles and Hawaii.
Sep 22, 2021 - 07:29:12 PDT
Lawrence Yun is correct. There was a huge spike in existing home sales (EHS) following the Covid outbreak and the overreaction by The Federal Reserve (aka, when the ain’ts went marching in). Despite continuing stimulus, but EHS has simmered down.
Sep 22, 2021 - 07:21:56 PDT
Lebanon’s annual rate of inflation has risen to the highest of all countries tracked by Bloomberg, surpassing Zimbabwe and Venezuela, as the financial meltdown in the Middle East nation worsens.