Money Market Illiquidity Further Removes A Central Myth
It might be expected that monetary policy would fail to achieve its goal in attempting to manage the economy when it cannot even meet its own basic technical requirements. The main lever of Fed policy [...]
Sector Snapshot: Defensive Sectors Take The Lead
Even before the Brexit vote, momentum was shifting to defensive sectors. The rally in weak dollar sectors - other than the gold/silver mining industry - was looking very overbought and tired anyway, so Brexit was [...]
Politics of the Monetary Noose
In June 2015, Pew Research Center conducted a poll of citizens in European countries in order to gauge public sentiment of the European integration project. They found what they thought was a rebound in favorability. [...]
Liquidity And Risk
The real nature of liquidity is not what you see today but what we might find when the going gets tough. Though it is an intangible concept (not that that hasn’t kept economists from trying [...]
Bi-Weekly Economic Review
Economic Reports Scorecard While everyone was focused on the potentially negative impact of Brexit, the Census Bureau was reporting evidence of actual economic weakness in the form of the durable goods report. The report was [...]
Keep Calm And Carry On
A pretty wild day for the markets today after the UK voted to leave the European Union. Well, actually, it was just a referendum and non-binding but ignoring the will of the voters is not [...]
Durable Goods Add To The Idea of Depression (Small ‘d’)
There wasn’t anything new or surprising in the advance durable goods report. Shipments (ex transportation) were flat and orders were up 1% year-over-year (NSA). Capital goods (non-defense, ex aircraft) shipments fell 3.4%, the tenth straight [...]
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