john williams

Eurodollar Accounting

By Jeffrey P. Snider|2020-09-18T18:14:13-04:00September 18th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

One step forward, two steps back. Implicit in the Fed’s big strategy reviewed unveiled by Federal Reserve Chairman Jay Powell at the end of August was an admission that policymakers had screwed up. No minor detail, either, they have messed up big time on the big stuff. Though failing to be explicit about it is so infuriatingly cowardly, it’s at [...]

The Real Labor Market

As you might imagine, inflation was the hot topic of conversation during the December 2014 FOMC meeting. Having opened up the transcripts for that year to the public last month, we are once more treated to the background behind this theater of the absurd. The final few months of 2014 were when everything came together. For these central bankers, it [...]

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