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Treasury Secretary Yellen Says the Federal Reserve Has Done a ‘Good Job’ Under PowellJul 16, 2021 - 05:15:20 PDT
Treasury Secretary Janet Yellen offered praise for the Federal Reserve during the Covid-19 crisis under the direction of Chairman Jerome Powell.
Democrats’ Budget Prohibits Higher Taxes for Those Making Less Than $400,000. Here’s Who Pays MoreJul 16, 2021 - 05:13:12 PDT
Senate Democrats issued a budget framework Wednesday that calls for higher taxes on the rich and more tax enforcement, similar to President Biden's tax plan.
The bond market is defying Wall Street forecasters, as long-term Treasury yields continue to head lower despite a strong economy and rising inflation.
This is a new Strategic Report on the Silver Market and why investment demand will be the key driver in the future. While I believe we will see stronger industrial silver demand, the main driver will be investment demand. Why? More investors will protect their wealth in silver because of the massive increase...
Jul 15, 2021 - 12:59:38 PDT
Money supply has exploded and prices can explode by many multiples (inflation) -- it is all a game about expectations!
Jul 15, 2021 - 12:47:55 PDT
This evening, the PBS program, Frontline, will do something that corporate broadcast media has failed to do since the financial crash of 2008. Frontline will air the results of its year-long investigation of the most powerful financial institution in the world – the central bank of the United States – known as the Federal Reserve, or simply “the Fed.”
In other words, the Fed is again wrong and sooner or later, 10Y yields which continue to pretend that everything is fine, will face a day of very painful reckoning.
Jul 15, 2021 - 11:38:26 PDT
It can be argued that most investors are relatively affluent, therefore the cash proceeds they will gain from selling out their stock positions will not end up in the everyday economy, aside from perhaps real estate, gold and other tangible assets.
Jul 15, 2021 - 11:27:32 PDT
If skyrocketing inflation and lower real wages are part of Biden's economic plan, he might want to come up with an alternative.
$15 billion to 35.2 Million Families Just Got the First Monthly Child Tax Credit PaymentJul 15, 2021 - 11:21:33 PDT
The enhanced child tax credit is one of the largest anti-poverty measures seen in the U.S. since President Lyndon B Johnson’s war on poverty was launched in 1964. It’s also the first time a major tax credit has been sent in advanced payments, and on a monthly basis, according to Treasury senior administration officials.
DoubleLine’s Gundlach Says the U.S. Dollar Is ‘Doomed’ Because of the Country’s Rising DeficitsJul 15, 2021 - 10:24:03 PDT
Doubleline CEO Jeffrey Gundlach comments on what he sees for the dollar over the next few years, saying he believes it will fall pretty substantially.
Doubleline CEO Jeffrey Gundlach discusses inflation and whether he thinks it's transitory or will grow to be more insidious for the economy.
Powell has made some more eye-catching comments, the first concerning keeping the public focused on "risk management".
The S&P 500 is at a record high. Indeed, based on the measures we find best-correlated with actual subsequent market returns, stock market valuations are easily beyond every level in history, including the 1929 and 2000 extremes. Of course, that’s exactly the point. While our investment discipline is to align our investment stance with observable market conditions...
Fed Raises Risk of Policy Mistake and Market Accidents, El-Erian: BloombergJul 15, 2021 - 08:27:13 PDT
Developments this week have illustrated why we should be more worried about the increasing probability that a monetary policy mistake risks derailing a potentially strong and transformational U.S. economic recovery — assuming, that is, that market accidents don’t happen first, the probability of which is also increasing.
Republicans Highlight Inflation in Effort to Thwart Biden’s Midterm Economic Case: WSJJul 15, 2021 - 08:18:03 PDT
The GOP is hoping to neutralize Democrats’ arguments about the otherwise strong economic recovery ahead of the 2022 midterm elections.
Add all this up and the conclusion is revolutionary: great swaths of the American workforce are already on strike or slipping away from the dead-end treadmill. The terms of employment will have to change dramatically, and that will drive inflation higher--or savage corporate profits--take your pick. Few see this now but they'll be forced to recognize it soon enough. If you doubt this, check back in 2025.
This “Temporary” Inflation Is Turning into an Inflation Spiral: Get Used to Higher InflationJul 15, 2021 - 06:57:38 PDT
Get Used to Higher Inflation. My Thoughts on the Biggest Mess I’ve Seen in Decades (transcript).
Jul 15, 2021 - 06:55:36 PDT
Today, Fed Chair Jerome Powell addressed the House Financial Services Committee. Let's look at his speech point by point.