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Monetary System

The Fed has inverted the yield curve

Back in September 2018, Fed Governor Lael Brainard dismissed yield curve inversion as a signal of recession, something I saw then - and still see now - as a mistake. And what I said then is that this mistake would lead to the Fed's…

Powell’s Mao Moment

By Marc Chandler This first appeared on Marc's site, Marc to Market In the iconography of Mao, some see pictures of the Chairman showing both ears as signaling that he was listening to all the people.  In this sense, Powell had his Mao…

Central banks are still too tight

Quick note: With the ECB's policy statement today, it's clear that a lot of major central banks are still running policy that is too tight given the emerging global growth slowdown. I mentioned the Bank of Canada yesterday. But I also…

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