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Monetary System
On speculation about the ECB restarting QE due to slowing growth
This is one of the occasional free Credit Writedowns posts I write. If you like what you read please consider subscribing to the weekday newsletter. Right now, we are running a limited promotion where you can receive it at a 40% discount.…
The Fed is reacting to slowing global growth, not asset markets
Note: this post is going out via Patreon and Credit Writedowns. So, you may get duplicate emails. I am just doing this to alert anyone that is only getting emails on one platform to ping me at [email protected], so I can fix that.…
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…
China’s slowdown and emerging consensus for global recession
What are markets saying?
The good times are over! The days of extremely low volatility, with the VIX trading at 12 or 13 are now over. We may see an up day or a down day, but the volatility is now higher than it was before - perhaps…
Despite perception Powell was dovish, the yield curve remains super-inverted
I mentioned earlier today that Federal Reserve Chairman Jerome Powell had a joint discussion with former Chair Janet Yellen and former Chairman Ben Bernanke at the American Economic Association and Allied Social Science Association 2019…
Powell, Bernanke and Yellen offer a strong rebuke of Trump
At 10:15 this morning, Federal Reserve Chairman Jerome Powell had a joint discussion with former Chair Janet Yellen and former Chairman Ben Bernanke at the American Economic Association and Allied Social Science Association 2019 Annual…
Fight the Fed
Stocks sold off big again today. Slowly, we are inching ourselves toward a bear market here. And I think the mantra has to be 'Fight the Fed'.
In this morning's market piece, I explained why this could be the Fed's last rate increase. And…
The Fed acts as Credit Writedowns predicted. Here’s why and what to expect
As I wrote yesterday, the Federal Reserve raised interest rates a quarter point but changed guidance in the face of tightening financial conditions. In his press conference afterwards, the Fed Chairman - also as predicted - talked bullishly…
More on the resiliency of the US economy
There is a lot of economic and political uncertainty swirling around the global economy right now. And, judging by many of the headlines, you would think we're on the verge of recession. I don't believe that's the case. Instead, I believe…