Bloomberg.com – Janet Yellen and Ivanka Trump Met Over Breakfast as the Fed Race Heated Up Hour-long meeting was on July 17 at the U.S. central bank First occasion that Yellen’s schedule showed meeting a Trump Federal Reserve Chair Janet Yellen and President Donald Trump’s daughter and adviser Ivanka had a breakfast meeting on July 17 at… Continue reading Breakfast With Ivanka
Bloomberg View – Charles Lieberman: The Fed Will be Vindicated on Wage Inflation The macroeconomic implications of a more efficient labor market are profound. The markets have started to price in a slower pace of interest-rate increases by the Federal Reserve even as the labor market strengthens. Many interpret that as a sign investors believe… Continue reading Wage Inflation?
Fast Company – Don’t Be Scared About The End Of Capitalism—Be Excited To Build What Comes Next It would be a sad and defeated world that simply accepted the prebaked assumption that capitalism (or socialism, or communism) represents the last stage of human thought; our ingenuity exhausted. Capitalism’s fundamental rules–like the necessity for endless GDP growth,… Continue reading No More Capitalism
None Today
Washington Post – Two inflation puzzles, one inflation monster Although the Fed’s analysis takes into account all the above and more, the core of its model is the negative correlation between economic slack and inflation. So the breakdown of that correlation poses a big challenge for it. Lately, the Fed has been operating on the assumption… Continue reading Short Equity Volatility = Short Inflation Expectations
Bloomberg – Harvey’s Toll on Houston’s Car Lovers Dealers could see a surge of truck sales in the rush to replace hundreds of thousands of destroyed vehicles. Hurricane Harvey’s long stay over Texas brought a number of unfortunate superlatives with it. One of note? The storm destroyed 300,000 to 500,000 vehicles, according to early estimates. The… Continue reading Hurricanes Boosting Hopes for Auto Makers
Bloomberg – Hurricane Fallout Could Cloud Picture for Data-Dependent Fed Harvey and Irma probably aren’t going to dent U.S. growth in any lasting way, but back-to-back hurricanes could make it tough for Federal Reserve officials to take the economy’s pulse as they ponder the timing of their next interest-rate hike. “When we think about the… Continue reading Could Hurricanes Give Fed Reason To Hold Off On December Hike?
Bloomberg – China Is Said to Ban Bitcoin Exchanges While Allowing OTC Trades Order comes amid a broader clampdown on financial risk Bitcoin slumped on Friday after Caixin magazine reported China’s plans, capping the virtual currency’s biggest weekly retreat in nearly two months. The country accounts for about 23 percent of bitcoin trades and is also… Continue reading Another Chinese Crackdown on Bitcoin Exchanges
The Financial Times – Renminbi slides after China relaxes currency controls The renminbi suffered its worst day in three months after China’s central bank scrapped two rules intended to bolster the currency in a sign that official nervousness about currency depreciation and capital flight has eased…In a notice sent to banks late on Friday, the… Continue reading The PBOC Relaxes Some Rules On Renminbi…
The Financial Times – China’s trillions remain out of reach of foreign funds Some of the world’s biggest asset managers are still waiting for permission to sell international funds to domestic Chinese investors, two and a half years after winning coveted licences to do so. Groups such as BlackRock, Aberdeen Asset Management, Och-Ziff and Allianz… Continue reading …While Maintaining Control Of Its Currency In Other Areas
Visual Capitalist – Over 2,000 Years of Economic History in One Chart Long before the invention of modern day maps or gunpowder, the planet’s major powers were already duking it out for economic and geopolitical supremacy. Today’s chart tells that story in the simplest terms possible. By showing the changing share of the global economy… Continue reading A Long-Term History Of World GDP
Business Insider – The opioid crisis is having a staggering impact on the US workforce More than 1 million working age adults are currently missing from the U.S. workforce, and experts are blaming the opioid crisis. Princeton Economist Alan Krueger released a study this month partially attributing a 20 percent drop in the labor force participation… Continue reading How Opioids Are Changing The Workforce