The magnitude of the revision is eye-catching. And my inner sceptic wonders how the initial data reads could have got it so wrong.
Daily newsletter post with thughts on the latest GDP numbers, a US-EU trade deal and the earnings numbers coming from social media companies
These are conflicting narratives, yes. But they don't have to be because, as Minsky quipped, stability breeds instability.
Global equities have rallied. Of course, stock prices are not the end all and be all, but it stands in stark contrast to the cries that the sky is falling.
Editor's note: This post was first published on Patreon on 27 June 2018. The United States governments spends money by keystroke. And though it is forced by law to sell bonds when its accounts at the Fed run low, this artificial…
Once upon a time, Fed policy wasn't about finetuning macro outcomes. It was about maintaining the safety, siundness and stability of our banking and credit system.
By Marc Chandler This post first appeared on Marc to Market The US jobs data was stronger than expected and yet the impact on the dollar is modest. The market is as confident of a hike at the June 13 FOMC meeting as it gets about…