Broad expectations the Federal Reserve will start raising short-term interest rates next summer are being driven not so much by economic considerations as they are by quirks in how the U.S. central bank conducts its policy meetings, and that's a bad thing, a top Fed official said Thursday.
Wednesday's report on housing starts suggested a steady trend for construction. But new houses aren't the only support to economic growth. Updating a bathroom or adding a deck also contributes.
Minutes of the Federal Reserve’s October policy meeting said officials collectively agree that failing to hit their 2% inflation target from either above or below is equally unwelcome. So what to make of the divergent comments on the topic by several Fed officials in recent weeks?
Elizabeth Warren tore into FHFA director Mel Watt over his failure to develop a program for Fannie and Freddie to provide principal modifications to underwater borrowers at risk of foreclosure. She also got in a dig for his failure to stop the agencies from pursuing deficiency judgments. Show More Summary
From the Census Bureau: Permits, Starts and CompletionsHousing Starts:Privately-owned housing starts in October were at a seasonally adjusted annual rate of 1,009,000. This is 2.8 percent below the revised September estimate of 1,038,000,...Show More Summary
Yves here. Wolf's longer original headline to this post focused on how gobsmacked he was to get glossy mail pieces to promote supposedly hot Silicon Valley startups. Apparently, the deemed-to-be-transgressive communications medium (by West Coast standards) was a way to cut through the new venture clutter. Show More Summary
This Elizabeth Warren grilling of New York Fed William Dudley over the revelations in tapes made by ex-New York Fed employee Carmen Segarra, is a bit more Socratic than her normal approach, presumably because she has more than the typical five minutes for questions. Don't be deceived by her pacing.
Yves here. Readers may recall that we criticized the New York Times' reporting on an important story on a criminal investigation underway involving both Goldman and New York Fed employees. A Goldman employee who had worked at the New...Show More Summary
Some people at the New York Times apparently feels so strongly about pushing the Trans-Atlantic Trade and Investment Pact (TTIP) that it is prepared to abandon the longstanding separation between the news and editorial pages. A newsShow More Summary
A few days ago a friend emailed the Bloomberg article Russia Delivers a New Shock to Crimean Business: Forced Nationalization.I replied something along the lines of "interesting, but I am going to bounce this of Jacob Dreizin", a USShow More Summary
A pick-me-up on a cold night.
Patented pharmaceuticals diffuse across international borders slowly, and sometimes not at all. This column analyses the effect of patent protection and price regulation on the speed of and extent to which drugs enter new markets. There...Show More Summary
Cheap-money stimulus has stocks setting records daily, but evidence mounts that things have come too far, too fast
China's surprise rate cut and the ECB's talk of more stimulus added fuel to Wall Street's string of record-breakers
The last month has been a challenging time for St. Louis Fed President James Bullard.
The automakers will report November vehicle sales on Tuesday, December 2nd. Sales in October were at 16.35 million on a seasonally adjusted annual rate basis (SAAR), and it appears sales in November might be at or above 17 million SAAR.Note:...Show More Summary
Noah Smith:... Why is it that the sciences look like a feminist nirvana compared with the economics profession, which seems to have a built-in bias that prevents women from advancing?... More here.
Low Gini, bad slump.
If Congress wants the president to pick the New York Fed chief, that’s just fine with William Dudley. “It's the province of the Congress to decide how the Federal Reserve Act is written and how the president of the Federal Reserve Bank in New York and other Federal Reserve presidents are selected,” Mr. Dudley told Sen. Jack Reed (D., R.I.) during a heated hearing Friday.
In the U.S., financial markets, government agencies and most businesses will close next Thursday to observe the Thanksgiving holiday. Before Americans go off to a day of thanks, turkey and football, the shortened workweek will bring a long list of economic reports. Here are five items to watch: