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lael brainard

The Potential For Yield Plunge As Dovish Theater

By |2019-05-17T16:43:14-04:00May 17th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Two on the same day, likely not coincidence. The next stage of “dovishness” may be upon us. It won’t be rate cuts; those won’t happen until all other excuses have been exhausted first. Jay Powell’s confused gang won’t give in until kicking and screaming there’s really nothing else left. The Fed “pause” isn’t working. To up the ante a bit, [...]

When You Are Prevented From Connecting The Dots That You See

By |2017-09-13T12:21:19-04:00September 13th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In its first run, the Federal Reserve was actually two distinct parts. There were the twelve bank branches scattered throughout the country, each headed by almost always a banker of local character. Often opposed to them was the Board in DC. In those early days the policy establishment in Washington had little active role. Monetary policy was itself a product [...]

A Better Mirror

By |2017-05-31T15:59:54-04:00May 31st, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In the earliest days of the Federal Reserve, it was common practice for the various branch administrations to hold direct communications not just with the banks in those respective districts but also individual firms. The reasoning was sound enough, given that in the 1910’s and 1920’s there weren’t yet the kind of economic statistics that today litter the media landscape. [...]

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