federal reserve

What Does It Mean That Real Estate, Not Equities, Is Driving Monetary Policy?

By |2019-07-23T18:31:49-04:00July 23rd, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In the world of assets classes, I don’t believe it is equities which hold the Federal Reserve’s attention. After the 2006-11 debacle, the big bust, you can at least understand why policymakers might be more attuned to real estate no matter how the NYSE trades. It may be a decade ago, but that’s the one [...]

The Long Running Circus of Uncertainty Circles Back

By |2019-04-10T16:21:08-04:00April 10th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Most of the best circuses used to have three main rings. Nowadays, we can only get the occasional show for two on the same day. It is a rare treat when central bankers from two major jurisdictions compete for the world’s misapprehending attention. Today is one of those days: Mario Draghi and the ECB as [...]

Inflation Is (Still) Not About Consumer Prices

By |2019-04-10T12:36:19-04:00April 10th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

To most people, this inflation business seems pretty silly. There are those who argue that any inflation index whether the CPI, PCE Deflator or some other approach yet to be devised can accurately capture the concept. And they are absolutely right to question the enterprise. Most people feel inflation in the things they do most; [...]

Curve Crazy Again; Or, The ‘Dovish’ Turn Falls Apart, the Culprit Revealed

By |2019-03-12T16:10:06-04:00March 12th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Everyone went dovish after what happened in December. Convention assumes that central bankers take their cues from the NYSE. I don’t think that’s what shook everyone up, though. Curves, ladies and gentlemen. The bond market revolted and the stock market showed serious signs of catching its contagion. Since the mainstream had been expecting a booming [...]

The Real Price of Inflation Targeting

By |2019-03-04T16:29:40-05:00March 4th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

While still a professor of Economics at Princeton, future Federal Reserve Chairman Ben Bernanke was also a Research Associate for the NBER. In 1999, in his capacities with the latter organization, Bernanke advocated for widespread adoption of inflation targeting. At that time, only a few central banks had experimented with it and there wasn’t much [...]

Living In The Present

By |2019-01-05T14:14:37-05:00January 5th, 2019|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Politics, Real Estate, Stocks, Taxes/Fiscal Policy|

The secret of health for both mind and body is not to mourn for the past, nor to worry about the future, but to live in the present moment wisely and earnestly. Buddha Review It's that time of year again, time to cast the runes, consult the iChing, shake the Magic Eight Ball and read [...]

Fed Beige Book – February

By |2009-03-04T15:06:07-05:00March 4th, 2009|Markets|

The Federal Reserve Beige Book is a commentary on current economic conditions. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. [...]

TALF Details Revealed

By |2009-03-03T14:47:40-05:00March 3rd, 2009|Markets|

Via MarketWatch: WASHINGTON (MarketWatch) — A new lending program from the Federal Reserve and the U.S. Treasury could generate up to $1 trillion in loans for small businesses and consumers, the government announced Tuesday. The Term Asset-Backed Securities Loan Facility, or TALF, will provide its first loans March 25, the government said. The Fed announced [...]

Federal Reserve: Bernanke Testimony

By |2009-03-03T13:04:31-05:00March 3rd, 2009|Markets|

Today, Federal Reserve Chairman Ben Bernanke testified before Congress on current economic and financial conditions and the federal budget. Here is an excerpt: Recent Financial and Economic Developments and the Policy Responses Over the past 18 months, the global economy has experienced a period of extraordinary turbulence. The collapse of a global credit boom, triggered by [...]

Markets Rebound – Feb. 24

By |2009-02-24T16:58:19-05:00February 24th, 2009|Markets|

Markets staged a rebound today, after Federal Reserve Chairman Ben Bernanke, in his semiannual Monetary Policy report, predicted an end to the recession no later than this year and dubbed 2010 as the “year of recovery”: Bernanke also stated that the government’s top priority is restoring financial stability to the system. Most financials were up sharply as a result: [...]

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