Economy

By Annaly Capital Management The economic research staff at the Federal Reserve Bank of New York has been busy. Last week we wrote about the New York Fed’s Staff Report No. 458 , which discussed the shadow banking system in the United…

Given near universal austerity measures in Europe and thoughts of the same in the US, increasingly it looks like the emerging markets are expected to do the heavy lifting to sustain a global recovery. As I said recently, "for the…

After a long and rather tense wait, the initial response to the publication of the European bank stress tests was always going to be something of an anti-climax. Indeed the results should hardly have comes as a surprise to anyone It is…

PBS' Paul Solman takes another look at Spain's economic woes, which include a 20 percent unemployment rate. In the Web extra above, he talks to British economist Edward Hugh, a long-time resident of Barcelona, about Span's underground…

Grantham argues that a disproportionate share of the US economy is devoted to financial services.

From Annaly Capital Management For those who missed it (and we had, until we were tipped by James Aitken, thank you very much), a vital paper was posted to the New York Fed’s website in the beginning of the month. “Shadow Banking,” a staff…

From Win Thin, Senior Currency Strategist at Brown Brothers Harriman. Spanish media is quoting Finance Minister Salgado as saying all Spanish banks had passed the stress tests.  Spokesperson later tried to walk these comments back,…

Well, I, for one, am more or less willing to throw in the towel on behalf of Inflation. For the near future at least, his adversary in the blue trunks, Deflation, has won on points. Even if we get intermittently rising commodity prices,…

Frederick Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession  (McGraw-Hill, 2009). We wince at congressional ineptitude but in one category…

By Annaly Capital Management There was a heavy economic data schedule in the back half of this week. On Thursday we got Industrial Production (IP) and Capacity Utilization (Cap-U) for June, along with Philly Fed Business Conditions and…