"The uncertainty about where neutral is today creates a challenge for policymakers." - Neel Kashkari, Minneapolis Federal Reserve President Last week was a volatile one for markets with big swings in stocks and bonds in a holiday-shortened week. The economic data didn't appear to be sufficiently out of the expected range to justify big moves but we got them anyway. [...]
What would you think if I told you the price of an existing house and a new house in this country were negatively correlated? (Case/Shiller HPI only measures resale). That sounds impossible and I would argue to my grave that it is certainly impossible over the long term. But... What happens when your house appreciates significantly in a short [...]
Xi Jinping’s earlier “stimulus” promises had originally stimulated the Keynesian-addled imaginations of Western observers and Economists. Hearing only that single word, they didn’t appear much interested in any of its details. Like how Emperors facing increasingly grave difficulties historically tend to stimulate their own capacity for remaining Emperor above everything else.For a very brief moment, as Shanghai reopened, there were [...]
Stay In Touch