Way Beyond The ‘12%’
It’s becoming fashionable again to dismiss manufacturing. In 2015, we heard repeatedly how it represented only 12% of overall economic output. Any minor problems affecting such a small slice would surely be nothing much for [...]
Did The BLS Just Find The Landmine? One-Fifth Of Previously Estimated Payroll Gains May Not Have Existed
The entire basis for what the Fed is now calling a “mid-cycle” adjustment rests upon a specific view of the labor market. There was weakness in consumer spending, there remains weakness in business investment, but [...]
The Fingerprints of Bumbling (China)
For a cabal of superpatient supergeniuses, the Chinese tend to play with fire quite often. According to many, the Communists have perfected the art of technocracy and are merely waiting out the impetuously free West. [...]
Monthly Macro Monitor: Does Anyone Not Know About The Yield Curve?
The yield curve's inverted! The yield curve's inverted! That was the news I awoke to last Wednesday on CNBC as the 10 year Treasury note yield dipped below the 2 year yield for the first [...]
Germany’s Superstimulus; Or, The Familiar (Dollar) Disorder of Bumbling Failure
The Economics textbook says that when faced with a downturn, the central bank turns to easing and the central government starts borrowing and spending. This combined “stimulus” approach will fill in the troughs without shaving [...]
Are Your Finances Making You Sick?
If you’re like a majority of Americans, dealing with your finances is stressing you out and wreaking havoc on your health. That’s the conclusion of a new report that asked people’s opinions about their money [...]
Eurodollar University: Diagramming Repo Reserves And Negative Yields
Following up on yesterday’s look at the concept of repo reserves. These are, as hopefully that narrative retelling established, very different from the inert byproducts of QE; or, bank reserves. The explanation for record low [...]
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