Jeff Snider gives us an important history of the insanity of the Fed pretending to control the Fed Funds rate. On this point he and I agree. “It was less about money, nothing about money, really, and mostly about communications.”
Things were going wrong and afterward the very idea of wrong took on an even more disastrous nature.
Tech making new highs again in July as markets are anticipating rate cuts from the Fed later in the month. It’s still early in the earning season, but about to get heavy […]
Avalon | We caused a bit of a fuss last week on CNBC by suggesting that the Federal Open Market Committee will not cut the target for Fed funds this month. We suggested instead that the Federal Reserve Board will first end the runoff of the System Open Market Account (SOMA) and then “wait and see” about any change in the rate target. Readers of The Institutional Risk Analyst know that we tend not to follow the crowd, especially when the data suggests that the narrative is at odds with actual
Even the most distracted, fragmented tribe of the peasantry eventually notices that they’re not in the top 1%, or the top 0.1%.Let’s posit that America will confront a Great Crisis in the next decade. This is the presumption of The Fourth Tur…
Markets are engaged in a clear battle for control: An active Fed eager to extend the business cycle using asset price inflation as its primary means to generate further debt financed growth […]
Economic “research” about the zero lower bound is a crock…
Central bankers are not nimble traders. By their very bureaucratic nature, they leave big muddy footprints all over markets. Sometimes that is by design, a show of force to scare some evil speculators into going straight. Other times, it just can’t be helped. The way it works in China, the autocratic structure doesn’t leave much […]
There are things to feel optimistic about. I’ve been pegged as a doom and gloomer, and so long as things remain as they are, I don’t see what’s wrong about it.
This is the fantasy: we can rebuild our entire global industrial society every generation or two forever.”Earthrise” is one of the most influential photographs ever published. Taken on the Apollo 8 mission in late December 1968 by astronaut Bill A…