beige book

Just Who Was The Intended Audience For The Rate Cut?

By |2019-09-04T17:20:30-05:00September 4th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Federal Reserve policymakers appear to have grown more confident in their more optimistic assessment of the domestic situation. Since cutting the benchmark federal funds range by 25 bps on July 31, in speeches and in other ways Chairman Jay Powell and his group have taken on a more “hawkish” tilt. This isn’t all the way [...]

Some Seriousness In The Silly Beige

By |2019-07-18T18:30:57-05:00July 18th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

I confess to following the Beige Book lately for mostly entertainment purposes. It was always an exercise in intellectual vanity, an opportunity for Fed Presidents to cram into it their own biases. But to see the FOMC just abandon the LABOR SHORTAGE!!! like they have, that’s not strictly about amusement; though it is to some [...]

Bills, Beige, And the Consequences of the Disappeared Labor Shortage

By |2019-06-06T12:50:36-05:00June 6th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Early last month, the Bureau of Labor Statistics (BLS) reported that the unemployment rate in the United States had fallen to just 3.6%. It was the lowest in half a century, seemingly an amazing feat for the most puzzling boom ever conceived. Everyone says it is going gangbusters, but is everyone saying so simply because [...]

Hall of Mirrors, Where’d The Labor Shortage Go?

By |2019-01-16T17:17:29-05:00January 16th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Today was supposed to see the release of the Census Bureau’s retail trade report, a key data set pertaining to the (alarming) state of American consumers, therefore workers by extension (income). With the federal government in partial shutdown, those numbers will be delayed until further notice. In their place we will have to manage with [...]

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