Federal Reserve

Federal Reserve

Want of Quant

Federal Reserve By David Stockman.  |  October 9, 2019

Folks, I’m getting ready to deliver the Keynote Address at the 2019 Irrational Economic Summit on Thursday Evening. Read More

We’ll Laugh, We’ll Cry, We’ll Profit

Federal Reserve By David Stockman.  |  October 7, 2019

So, a second “whistleblower,” this one with “firsthand knowledge” of what remains a third-rate phone call – has lawyered up. Read More

When “Fundamentals” Attack

Federal Reserve By David Stockman.  |  October 3, 2019

Before this week began, the odds the Federal Reserve would cut its benchmark interest rate during its October meeting were around 40%. As of this morning, those odds were up to 75%. Read More

The Fed is the Leviathan… The Leviathan is the Fed

Federal Reserve By David Stockman.  |  September 27, 2019

As much as we think we know what happened with UkraineGate, this “whistleblower,” and the politics of impeachment, a completely different set of facts could – sooner than anyone thinks – render it all moot. Read More

Mr. Powell and Mr. Orwell

Federal Reserve By David Stockman.  |  September 19, 2019

Before we dig into the meat of today’s matter, my editor asked me to pass along his apologies for a sloppy elision during the editing process that overstated the scope of the overnight repo market. Read More

Easy Money Rules

Federal Reserve By David Stockman.  |  September 18, 2019

I know the Federal Reserve cut its benchmark interest rate by 25 basis points this afternoon. But did you notice that U.S. Read More

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