headwinds

Fiscal ‘Stimulus’ Will Be Starting From Less Than Zero

By |2017-03-02T17:09:55-05:00March 2nd, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

For a “reflation” regime predicated as much on government spending, it was an inauspicious start. Construction spending fell sharply in January, as lackluster growth in the private sector could not offset sharp declines in government activity. At the state and local level, construction spending fell nearly 5% from December (seasonally-adjusted), while at the federal level spending dropped more than 7%. [...]

Departing Science

By |2014-03-18T12:23:38-04:00March 18th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

According to Jon Hilsenrath at the Wall Street Journal, the FOMC is starting to use the ephemeral idea of “headwinds” to argue in favor of persistent monetary intrusion. He offered several examples, most of which sound like this: New York Fed president William Dudley said in an interview with the Wall Street Journal this month that “persistent headwinds” to growth [...]

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