Fed Provides More Liquidity; Phase 1 Trade Deal, But No Corroboration On Jobs Report
Much has happened economically in the past couple of weeks including the Fed’s communication that it does not expect any rate actions in 2020, a Conservative Party sweep in the UK (which pays well in the U.S. for free marketeers), and a supposed “Phase 1” trade pact, although there won’t be a signed document until […]
“Normal” – It’s the Opposite of What the Media Says
I hear it every day on the business channels or see it in the business media print: “The economy has to get back to normal.” But normal means different things to different constituencies. Wall Street and equity investors certainly don’t want to see the stock market behave normally, if indeed, normal means that PE ratios […]
Estimating GDP is like pinning the tail, somewhere, on the donkey
Wall Street hangs on every number published by any government agency as if they are accurate to the 3rd decimal place. The fact is, most are estimates, especially the GDP number. On top of this, the seasonal adjustment process probably was key in understating economic activity, and this GDP number is most likely going to be […]