Federal Reserve

Federal Reserve

Is the Fed Lazy, Stupid, or Crazy?

Federal Reserve By David Stockman.  |  August 12, 2019

If you can reconcile these two series, you and I probably aren’t going to agree on much: In blue is the Equity Market-Related Economic Uncertainty Index. Read More

Clowns to the Left, Jokers to the Right…

Federal Reserve By David Stockman.  |  July 25, 2019

We’ve had more than a decade of basically negative money-market interest rates. We’ve had an unprecedented program of central-bank bond-buying that peaked at $3.5 trillion. And that was after $831 billion of Obama-era fiscal “stimulus. Read More

The Greatest Stagnation

Federal Reserve By David Stockman.  |  July 12, 2019

We’ll head into the weekend with another triple-digit rally for the Dow Jones Industrial Average… and entirely new levels of “Peak Trump”… Bubble vision teed up Art Cashin to pull on a gold-lettered “27,000” ball Read More

Mr. Magoo And Military-Industrial-Surveillance Complex

Federal Reserve By David Stockman.  |  July 11, 2019

There’s not a lot of folks still around with first-hand memories of Mr. Magoo or the general 1950s. It’s a shame it’s passing into the shadows. Read More

Why “Easy Money”

Federal Reserve By David Stockman.  |  June 24, 2019

Our monetary central planners insist that levitating the stock market is not their “third” mandate. And most of them appear to believe it. Read More

Inside Empty Suits

Federal Reserve By David Stockman.  |  June 19, 2019

I’d like to provide a little more context, so we can better appreciate what it is the Federal Open Market Committee (FOMC) did today and what it’s preparing to do when the opportunity arises… Yesterday, Read More

Elite Shame

Federal Reserve By David Stockman.  |  June 18, 2019

Doug Kass rarely minces words. Read More

Immodest Proposals

Federal Reserve By David Stockman.  |  June 17, 2019

It’s a Fed Week, which means our monetary central planners will offer their up-do-date “assessment” of all things Economy. Of course, by statute, that includes the labor market and consumer prices. Read More

The Growing Influence of the Unchecked Monetary Financial Complex

Federal Reserve By David Stockman.  |  June 10, 2019

Here’s the relevant inventory of the Bubble Finance Era: There’s essentially no free-market interest rate. Real yields across the maturity spectrum are nearly zero. Read More

This is “Late Bubble Finance”

Federal Reserve By David Stockman.  |  June 10, 2019

Turns out Jay Powell is the Janet Yellen and the Ben Bernanke of Alan Greenspans. Read More