Jeffrey P. Snider

Welcome Jay Powell, The Circular Hawk

Jerome “Jay” Powell was added to the Federal Reserve Board in May 2012. Quite an auspicious time to be thrown into things, Powell had avoided the “unexpected” liquidity crisis of 2011 but he did have to deal with its aftermath. By September of 2012, the Federal Reserve was once again debating yet more QE; a…

What Happened To The iPhone?

When Apple first came out with the iPhone in 2007, it was truly a revolutionary product. Even for those of us who hadn’t been impressed with Apple’s computers had to tip our caps to Steve Jobs (and team) for what they had pulled off. He knew it, of course, which is why earlier that year…

The Historical Warnings of Money

It’s interesting, to me anyway, that an image of the Roman goddess Juno remains to this day on the logo of the Bank of England. There are many stories about her role as it relates to money, but what cannot be denied is that the very word itself came to us from her temple. The…

Yellen’s Final Cacophony

In late January 2012, the FOMC released an official statement confirming to the world what had long been expected. The official goal of monetary policy, or at least one of them, was to achieve price stability being clearly defined as 2% inflation (PCE Deflator). It was part of the ultimate transformation of Federal Reserve policy,…

Globally Synchronized What?

In one of those rare turns, the term “globally synchronized growth” actually means what the words do. It is economic growth that for the first time in ten years has all the major economies of the world participating in it. It’s the kind of big idea that seems like a big thing we all should…

After December In Housing, No Miracle

While there are those who saw October and more so November spikes in real estate and housing estimates as the beginning of the something big, all the December 2017 statistics suggest nothing more than the easily anticipated hurricane anomalies. Housing construction was back in line with weaker earlier 2017 estimates (particularly starts), while resales were,…