Jeffrey P. Snider

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,…

Housing Construction, Hurricanes or No?

The August appearance of Hurricane Harvey has made economic analysis a little more challenging than usual. That it was followed closely by Hurricane Irma only compounded the difficulty. What we have observed, however, is pretty much what we expected. In several economic categories and among various statistics, there was a rush of activity in October…

What’s Missing In Europe Is What’s Missing Everywhere

American central bankers and economists aren’t alone in their Phillips Curve nightmare. They are joined by others practically everywhere else around the world. In Europe, for example, the unemployment rate there continues to fall while inflation keeps on misbehaving in its meandering. Unlike the US, however, the Europeans don’t have the luxury of burying millions…