The Bank of England (BoE) may not be selling bonds fast enough to get inflation under control, a former member of the bank’s Monetary Policy Committee (MPC) told MPs on Tuesday. Giving evidence to MPs on the Treasury Committee, Andrew Sentance, senior advisor at Cambridge Econometrics and former MPC member, said there is the case for going “a…
Bank of England Could Sell Bonds Faster, Former Monetary Policy Committee Member Says
Federal Reserve Pauses Tightening as Emergency Lending Hits $300 Billion
March 17, 2023
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New data reveal that the Federal Reserve balance sheet has surged to its highest level since November as the central bank attempts to avert the contagion of the banking crisis. The Fed’s balance sheet for the week ending March 15 increased $297 billion, hitting a five-month high of $8.639 trillion. Since climbing to an April…
Behind Interest Rate Hikes Sits Trillions in Bonds the Fed Must Unload
March 8, 2023
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Testifying before the Senate Banking Committee on March 7, Federal Reserve chairman Jerome Powell said he is prepared to accelerate interest rate hikes as economic growth and labor shortages continue to fuel inflation. Meanwhile, the Fed is still sitting atop a massive $8.4 trillion portfolio of bonds it bought through economic stimulus programs. This portfolio…
‘This Is Not Your Typical Recession’: Bank of America’s Savita Subramanian
Bank of America (BofA) strategist Savita Subramanian believes the United States is not facing a “typical recession” and expects the economic slowdown to extend into the next year, while also raising alarm bells about the Federal Reserve’s quantitative-tightening policy. “This is not your typical recession, because I think what’s happening is that you’ve still got…
The Fed and the Great Pillaging
February 1, 2023
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Commentary There are many ways to measure the amount of dollars that exist today but let’s choose M2 because it seems most reliable for now. There are now 21.3 trillion dollars extant. That’s $6 trillion more than existed just three years ago. For perspective, the entire USD money stock just ten years ago was $6…
Secretary Yellen Worried About Liquidity in the Treasury Market
October 13, 2022
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Business & Marketseconomic policieseconomyinflationInvestmentliquidity riskMarketsquantitative tighteningSecretary of the Treasury Janet Yellentreasury marketUSUS treasuries
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U.S. Secretary of the Treasury Janet Yellen admitted to being concerned about liquidity in the Treasury debt market during an event in Washington on Oct. 12. The potential loss of liquidity is a worrying situation, Yellen said in a question-and-answer session following a speech at the event, according to Bloomberg. She pointed out that even…
The Eurodollar Is What’s Happening—Not Quantitative Tightening or Rate Hikes
October 6, 2022
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Commentary What is wreaking so much havoc all over the world? You’ve probably heard that the U.S. dollar is rising often precipitously, which means any currencies caught on the other side of it—frankly, all of them—are being swept into crisis. This isn’t the first time, either, because during the last eight years or so this…
America’s Economic Downturn Could Be Worse Than ‘Average Garden Variety’ Recession: Stanley Druckenmiller
September 28, 2022
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Billionaire investor Stanley Druckenmiller said at an investor summit in New York City on Sept. 28 that he’s worried that the economic downturn stalking the United States could be worse than an “average garden variety” recession. Druckenmiller said at the Delivering Alpha Investor Summit that he’s convinced it’s impossible for the U.S. economy to experience…
Inflation Peaks During Recessions
September 8, 2022
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Commentary People tend to hear what they want to hear and believe what they need to believe. In no place is this more true than on Wall Street. The Federal Reserve has made abundantly clear that it will tighten monetary policy until inflation is virtually vanquished. And yet, those who have no choice but to…
The Fed and the Sound of Inevitability
May 12, 2022
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Commentary “You hear that Mr. Anderson? That is the sound of inevitability.” – Agent Smith (The Matrix) In the movie Matrix, the hero, Neo or Mr. Anderson, is eventually able to escape from the chokehold of Agent Smith and avoid a collision with an approaching metro train (the “sound of inevitability”). The Federal Reserve, with…
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