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The Urge To Merge
When the banking crisis occurred during March, we concluded that the Fed's emergency liquidity response would contain the problem. We…
Monetary Policy
10 posts
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What's the Matter with China?
The People’s Bank of China (PBOC) stands out among the major central banks. It is the only one that…
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Fed Hawks Down!
The FOMC raised the federal funds rate by 25bps to 4.75%-5.00%. The committee's statement reassuringly noted: "The…
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The Fed Has Done Enough
The banking crisis might be equivalent to a 100bps hike in the federal funds rate. We are just guessing, but…
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Fed May Be Dialing Back On Hawkish Squawking
The S&P 500 rallied 2.37% to 3,752.75 on Friday as the 2-year US Treasury note yield…
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Another Awful Risk-Off Week
The bad news for the stock market this past week actually started on September 16 in the morning after FedEx…
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Fed Stays On Tightening Course
The Fed lifted the federal funds rate range by 75bps to 3.00%-3.25%. Stocks sold off as Fed…
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The Chairman's Speech: What Will Jerome Powell Say?
Have you heard? Fed Chair Jerome Powell will speak on Friday morning at the Federal Reserve Bank of Kansas City’…
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Inflation Is Global & Local
Inflation has soared around the world over the past year. At first, last spring, it was attributed to “transitory” supply-chain…
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More Central Bank Tightening
Don't fight the central banks when they are fighting inflation. Stock prices dropped today on news that the European Central…
