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Fed satisfies the market but not the mind
The US Fed's "Jumbo" 50bp cut in fed fund rates to 4.5% to 5% was not what the well balanced economy needed. It is a step into monetarist populism by the central bank. It unwarrantedly biases Fed policy towards unemployment. . It gives the wrong signal as to where the equilibrium…
Central Banks: Heads Up & Heading Down
IN the short term the Fed and the ECB will cut policy rates by 25 bp - no jumbo cuts, Over the easing cycle the ECB will have to cut policy rates more and for longer than the Fed. The EU is entering a period of secular economic decay. The Draghi report speaks not just to the US…
US Presidential Debate - The Undecided.
Harris did better in the debate. But the election is too close to call. Here are the consequences of a Trump or Harris victory
The Draghi Report- Upon Deaf Ears
The Draghi Report - All the right ideas. But unlikely to be implemented. The reasons: populism and the fear of it. Or in the case of Germany, incompetent governance. No market impact
RTHK: The Close- Tech Grayzone Warfare, China Deflation & the US Presidential Election
RTHK - The Close- Tech Grayzone Warfare, China Deflation & the US Presidential Election
The Significance of the Inconsequential
There are three political things that don’t matter to markets now but will.
Squawk Box Europe - Debating the Fed - excess focus on unemployment and self exoneration for post-covid ”transitory” inflation?
Is the Fed over-focussed on unemployment rather than inflation? And is its self-exoneration from causing post-covid inflation credible?
The Middle East- is this the start of the wider war?
Israeli airstrike against Hezbollah makes the Middle East Armageddon more unlikely.
US Fed- Jackson Hole- Chairman Powell Speech
US Fed- Chair Powell speech: cuts? Yes but how much & how far" less than you think?
Money Talks
Can Kamala Harris plug the vicissitudes of her economic policy pronouncements?