Transitory and Now Overheating; They Don’t Even Know Why They Really Don’t Know What They Are Doing
What does it mean to be data dependent? The term immediately conjures up the image of studious Economists working their mathematics to perfectly calibrate the proper monetary policy response. It is attached to the Federal [...]
Chart of the Week: PBOC Clumsily Stumbles Into Step 1
A few weeks ago, the PBOC stunned many mainstream observers by reducing the RRR. It cut against the preferred narrative that the central bank was “tightening” in anticipation of an economic and therefore inflationary breakout [...]
Bank Reserves Appendix; One Additional Case Study
Early last month, Deutsche Bank replaced one CEO pledged to paring back the bank’s ailing franchise with another committed to doing the same thing only more quickly. As I wrote at the time, “Cryan isn’t [...]
All The World’s A (Imagined) Labor Shortage
Last year’s infatuation with globally synchronized growth was at least understandable. From a certain, narrow point of view, Europe’s economy had accelerated. So, too, it seemed later in the year for the US economy. The [...]
Still No Plausible Path To Hysteria
The yearlong wireless data plan nightmare is officially over. For the second month in a row, the CPI for Wireless Telephone Services, which includes any unlimited data at fixed prices, was more stable in its [...]
When Do I Begin Social Security?
To take, or not to take—that is the question: Whether ‘tis nobler to wait until 70 for the outrageous fortune of a larger Social Security check, or suffer the slings and arrows of a [...]
Bank Reserves Part 3; In Practice
There’s one final step to our examination of QE and bank reserves (you’ll need to read through at least Part 1, though Part 2 is worth the time, too). It’s all well and good to try [...]
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