So Joe Biden is now president. With the stock markets hitting new highs and mortgage rates new lows every other day, what could possibly go wrong? Multiple trillions in additional government spending to “stimulate” the economy should eliminate any remaining doubts…
A debt-to-GDP ratio exceeding 100 percent? Check. A contracting economy? Check. Millions dependent on the government? Check. Blaming foreigners for internal problems? Check. Officeholders choosing national over political suicide? Check. An unemployment rate around 15 percent? Check. A world power…
Financial markets endured a bout of coronavirus or suffered a third-degree Bern this week, depending upon the diagnosing doctor. The Dow Jones Industrial Average lost 879 points on Tuesday after plummeting 1,031 points on Monday (following lesser losses late last…
The Federal Reserve Bank of New York injected $86.4 billion into the repo market on Monday. This follows three months of the Fed intervening in a repo market it normally leaves to its own devices. When repurchase agreement (repo) rates…
President Donald Trump met with Federal Reserve chairman Jerome Powell on Monday. “Just finished a very good & cordial meeting at the White House with Jay Powell of the Federal Reserve,” the president tweeted. “Everything was discussed including interest rates,…
Pay no attention to that man behind the curtain. I’m shocked, shocked to find that gambling is going on in here. These are not the droids you’re looking for. In the movies, Frank Morgan, Claude Rains, and Alec Guinness deliver…
The Federal Reserve sold another $75 billion in overnight repurchase agreements (repos) on Wednesday, with demand dramatically overwhelming supply. And by the end of the day, the New York Fed announced increasing the overnight repos available from it to $100…
Donald Trump continues to pressure the Federal Reserve. He’s not the only one. “The Federal Reserve loves watching our manufacturers struggle with their exports to the benefit of other parts of the world,” he tweeted this week. “Has anyone looked…
Just weeks after Elizabeth Warren (D-Mass.) introduced legislation to expand the Federal Reserve’s authority into real-time payments, the Fed on August 5 announced its intent to create a real-time payments system by 2024. This move will be as damaging to…
