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Economist Judy Shelton points out that during the entire term of Chairman Jerome Powell & his predecessor, Janet Yellen, not a single dissenting vote was recorded among the governors. It reminds us of the central bank of the Soviet Union.
Investors are woefully unprepared for what may be a once-in-a generation shift in the market.
The biggest uncertainty for investors watching the Federal Reserve in coming months may not be the rate of inflation but turnover at the top of the U.S. central bank.Chair Jerome Powell and vice chairs Richard Clarita and Randal Quarrels could all potentially be replaced...
NY Fed’s Williams: Fed Bond Buying Doesn’t Appear to Be Creating Imbalances in Financial SectorMay 5, 2021 - 07:37:46 PDT
The Federal Reserve's bond buying does not appear to be creating imbalances in the financial sector, New York Fed Bank President John Williams said.
Biden's Families Plan Would Cost $700 Billion More Than Projected, New Study SaysMay 5, 2021 - 07:03:33 PDT
President Joe Biden’s American Families Plan would cost far more than the White House estimates, and it would increase government debt while decreasing GDP, according to a study released Wednesday.
Fed’s Evans Says Chances of Persistently Higher Inflation Are ‘Remote’: MWMay 5, 2021 - 06:49:49 PDT
The chances that the $2.8 trillion stimulus measures passed by Congress since December will overheat the economy & generate higher inflation are remote, said Chicago Fed President Charles Evans on Wednesday. Inflation is likely to pick up in coming months ...
We update our charts every year on how many ounces of gold and silver it takes to buy a house in the US. It’s an exciting thought, to potentially be in a position to buy a home with just your stash of bullion, but that possibility seems increasingly likely given the bloated nature of the housing market vs. low gold and silver prices.
Gold Prices Edge Higher As Yellen Walks Back Talk of Interest-Rate Hike: MWMay 5, 2021 - 05:38:49 PDT
The XM analyst said that gold is still maintaining a fairly bullish posture despite its recent decline and could go higher still if the Fed remains accommodative in the face of rising inflation.
Yellen Reverses Earlier Hawkish Comments Entirely, Says "I'm Not Predicting Anything"May 5, 2021 - 05:35:59 PDT
Just as we predicted - but even sooner than we expected - Treasury Secretary Janet Yellen has not just walked back her earlier statement but has entirely reversed it.
We can't wait for all the above companies to cut prices as soon as the "transitory" period is over.
Signs of inflation are picking up, with a mounting number of consumer-facing companies warning in recent days that supply shortages and logistical logjams may force them to raise prices.Tight inventories of materials as varied as semiconductors, steel, lumber and cotton are showing up in survey data, with manufacturers in Europe and the U.S. this week...
Taken together, they have the effect of creating a confiscatory tax environment. We look at how such confiscatory tax regimes have failed in other countries in the last decade and discuss some of the academic studies that claim to show massive tax evasion by the wealthy.
It's not too late to claim money you're missing from any of the three stimulus checks the government has issued since the Covid-19 pandemic began.
U.S. Added 742,000 Private Payrolls in April, vs 800,000 Expected, ADP SaysMay 5, 2021 - 05:17:24 PDT
Private job growth accelerated in April but fell a bit short of Wall Street expectations, according to a report Wednesday from payroll processing firm ADP.
Over 8 Million Jobs Below Pre-COVID Levels: ADP Employment Data Disappoints In AprilMay 5, 2021 - 05:17:24 PDT
Finally, ahead of Friday, we note that ADP has serially under-predicted BLS payrolls data with a big miss last month...
May 5, 2021 - 05:14:48 PDT
Demographers attribute the slowing growth rate to an aging population, lower birth rates and lower rates of immigration.
The yield on the benchmark 10-year Treasury note rose to just above 1.6%. The yield on the 30-year Treasury bond advanced to 2.278%. Yields move inversely to prices.
Weekly Mortgage Demand Stalls as Rates Rise and Fierce Competition Hurts Home SalesMay 5, 2021 - 05:08:44 PDT
Total mortgage application volume fell 0.9% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Arkansas Gov. Asa Hutchinson recently signed a bill into law exempting gold and silver bullion and coins from sales tax. This will not only relieve some of the tax burdens on investors in the state; it will also take a step toward treating gold and silver as money instead of as commodities.
Treasury Secretary Janet Yellen sent markets into a tizzy on Tuesday when she said interest rates may have to rise to keep the economy from overheating with all the government stimulus. But later in the day, she walked those comments back, claiming inflation isn't going to be a problem and insisting that she wasn't suggesting or predicting rate hikes.Yellen's flipflop is telling. Even if inflation is an issue (and it is), there isn't a darn thing the Federal Reserve can do about it.