Author

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Political Economy

The Great American Pension Crisis is right around the corner

Edward Harrison Mar 4, 2018

Many US public sector pension funds are underfunded. This will impact local governments' solvency in the next downturn. It could also threaten the safety and security of the municipal bond market. So the Fed may end up playing a role.

Technology

How technology increases competition

Edward Harrison Mar 2, 2018

Technological disruption promotes competition that benefits consumers. Yet, it also promotes an industrial organization that favors size. And that lessens competition.

Political Economy

Regime shift at the Fed, Trump signals tariffs, Mexico to retaliate

Edward Harrison Mar 1, 2018

A speech by Lael Brainard on economic headwinds turning to tailwinds suggests a regime shift is at hand at the Fed. Meanwhile, US President Trump is expected to announce tariffs on steel and aluminum. Mexico has already said it would…

Monetary System

Jerome Powell testimony foreshadows rate rises, sends stocks down

Edward Harrison Feb 28, 2018

The Fed as the monopoly supply of reserves can and will push the market until it cries uncle. Powell's testimony before Congress is the Fed Chairman's first warning shot. Caveat emptor.

Monetary System

The new hawkish tone coming from the Fed

Edward Harrison Feb 28, 2018

Powell's testimony suggests the Fed will be more hawkish than the market expects. I believe long-term interest rates will grind higher. Look at the steepness of the yield curve for signs of over-tightening.

Political Economy

NAFTA talks contentious, but China will be even more difficult

Edward Harrison Feb 27, 2018

Regardless of what happens in NAFTA, we are going to see the Trump Administration put its 'America First' trade policy in play. Likely within the month, tariffs are coming.

Markets

Margin debt is at a record high in US markets

Edward Harrison Feb 25, 2018

The Federal Reserve has to be concerned about financial stability. When the credit markets become an integral facet sustaining asset markets, markets and the economy become interwoven in a bad way

Monetary System

McKinsey: Consumer demand growth is critical for productivity and investment

Edward Harrison Feb 24, 2018

Productivity is an important yardstick for measuring the value of goods and services workers. A recent study by McKinsey demonstrates that wages and demand are key to raising it.

Markets

Pension Crisis: Former California state controller warns about CalPERS

Edward Harrison Feb 23, 2018

The potential for a state and municipal fiscal and public pension crisis is a defining issue for the next downturn. Underfunding guarantees problems. The question is whether the next downturn crystallizes a crisis.

Markets

Fed minutes: How interest income creates a problem for Fed tightening

Edward Harrison Feb 21, 2018

Personal interest income will rise as the Federal Reserve raises interest rates. Banks will be slow to raise rates on deposits and on CDs. Nevertheless, as the Fed raises rates, this is a problem.

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