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Next to language, money is the most important medium through which modern society communicates. The Federal Reserve is responsible for signaling how fast this money should be created or destroyed via its federal funds interest rate.
House Prepares to Pass $1.9 Trillion COVID Relief Bill on Tuesday, Expected to Sign It This WeekMar 8, 2021 - 10:04:17 PST
President Biden is expected to sign the $1.9 trillion Covid relief bill this week, and stimulus checks are set to go out starting this month.
COVID Relief Bill Gives $86 Billion Bailout to Failing Union Pension PlansMar 8, 2021 - 10:01:05 PST
The $1.9 trillion American Rescue Plan would let multi-employer pension plans apply for grants to pay retirement benefits. Almost 10% face shortfalls.
Dems Just Snuck a $1 Billion Tax Crackdown on Workers Into Their COVID BillMar 8, 2021 - 09:52:15 PST
When the economy is struggling to recover from a pandemic and crushing government lockdowns, that’s probably the worst time to impose a $1 billion tax crackdown on the working class. But that’s exactly what a new provision quietly slipped into the Democrats’ sweeping $1.9 trillion COVID legislation would do.
Phil Gramm and Mike Solon argue that stimulus spending is all about political, not economic outcomes.
The Fed Doesn’t Fear Inflation. Its Critics Have Longer Memories: BloombergMar 8, 2021 - 09:48:00 PST
Milton Friedman saw the great uptick of the 1970s coming, and Larry Summers has similar warnings today. Jerome Powell would do well to listen.
Currently, retail investors are long on confidence and short on experience. As history repeatedly provides they often wind up short of capital.
I was on a client call earlier this week with Steve Blumenthal. The gentleman is at that stage in life where he needs cash income and not risk. Steve commented, “The bond market is broken.”
Gordon Long and I discuss The Deflationary Tsunami racing toward the frolickers in a new video program. It's not that there aren't inflationary dynamics in play; there are. The issue is that not all the dynamics in play are inflationary, and the deflationary dynamics have been building for the past two decades.
Yellen Coddles Up to Powell on Rising Long-Term Yields as a Welcome Sign of RecoveryMar 8, 2021 - 08:28:04 PST
It seems to be a rare sight that a Treasury Secretary and a Fed Chair color-coordinate their comments about rising long-term yields. On Friday, Treasury Secretary Janet Yellen in an interview on PBS NewsHour echoed what Fed Chair Jerome Powell had said on Thursday in an interview with the Wall Street Journal.
Paying down credit cards and other revolving credit. In January, consumers paid down their credit card balances by 3.6% from December and by 11.9% year-over-year, not seasonally adjusted, to $940 billion, according to the Federal Reserve Friday afternoon. It was the biggest year-over-year decline in the history of credit card data going back to the 1970s and blew by the year-over-year declines during the Financial Crisis:
February confirms: V-shaped jobs recovery petered out in October about two-thirds into it.
Central banks helped save the world economy from depression as the pandemic struck. Now they are dealing with the hard part: managing the recovery amid a difference of opinion with investors. Optimism that Covid-19 vaccines and continued government stimulus offer an escape from the worst health crisis in a century.
* EM FX index hits 3-month low * Dollar, U.S. yields rise after Senate passes $1.9 trln package * Turkey's lira drops 2.2%; S.African rand, Brazil's real down 1% * Russian rouble give back gains made on buoyant oil prices...
Can the Fed Really Fine-Tune the Economy? Its Credibility Is at Stake: Barron'sMar 8, 2021 - 07:46:38 PST
It’s Oscar Wilde’s person, the one who knows the price of everything and the value of nothing. Dogged adherence to policies of precision can backfire, putting at risk the ultimate value of central banking, its credibility. In recent months, financial markets have begun to probe the Federal Reserve’s resolve to engineer a modest inflation overshoot as the economy recovers from its pandemic-induced slump.
A rapid souring in financial markets on Monday highlights how even the most positive news for the world economy is no fillip to risk assets weighed down by the anchor of the global bond market. Such is their sensitivity to rising Treasury yields, that the weekend approval of a $1.9 trillion U.S. stimulus package and a surge in China’s exports sent U.S. equity...
A breakdown of the Fed's arsenal of tools launched to provide liquidity to the economy in the wake of the coronavirus.
Buyers are bracing themselves for a trio of enormous US authorities debt auctions this week, after a latest sale of seven-year notes flopped and set off a bout of frenetic buying and selling.
The move comes as the administration begins to grapple with the revelation of another allegedly state-sponsored attack seeming to come from China.
Yellen Says Inflation Problem Unlikely to Result From Stimulus: BloombergMar 8, 2021 - 07:17:15 PST
“I really don’t think that’s going to happen,” Yellen said in an interview with MSNBC Monday, when asked about concerns that consumer-price pressures could surge as a result of deploying the stimulus despite the economy already gathering pace. Inflation before the pandemic “was too low rather than too high,” she noted.