On Yellen’s Humphrey-Hawkins testimony , the Reuter’s headline says it best: ”Fed on course to raise interest rates at an upcoming meeting.” Translation: Fed continues on path to do something someday. Her time before Congress was a continuation of Yellen’s unique ability to say absolutely nothing while pretending that she’s got everything under
Fed Vice Chairman Stanley Fischer’s February 11th speech at Warwick Economics Summit was built around a story from his youth: Eureka moments are rare in all fields, not least in economics. One such moment came to me when I was an undergraduate at the London School of Economics in the 1960s. I was talking to a friend who was telling me about
It’s amazing how the same set of economic data can create two very different opinions on the overrated Fed Funds hike issue. In two Bloomberg opinion pieces last week, we see the stark difference: Tim Duy: It’s Way Too Early for the Fed to Consider a March Rate Increase Charles Lieberman: The Fed is Behind the Curve To make their cases, both
Well, the Fed released the minutes of its January FOMC meeting and lo and behold, there was nothing of interest. It was the same bland “Real Soon Now” talk regarding rates, coupled with a dose of “we don’t really have a clear picture just yet.” Imagine that. They’re going to keep their eye on inflation trends and the unemployment rate, which is
Minouche Shafik of the Bank of England recently spoke to the Oxford Union in defense of the monetary Experts. The “Experts,” she pointed out, “have come in for a great deal of criticism of late.” She suggests this phenomenon may have something to do with the 2008 financial crisis. She also mentions various currency manipulation and interest rate
The story is that it is consumers that are going “to push the economy to grow more than 2 percent this year.” That’s Dallas Fed President Robert Kaplan’s recently expressed view. It’s the old fallacy of spending — rather than saving — our way into growth. It’s remarkable that no one talks about the fact that the economy since 2008 was built on
Well that was fast. Yesterday we observed the silliness of Fed president Kaplan’s idea that it was consumers that were going to push GDP up over 2%. Today, we learn the following ( source ): Turning to spending and income, personal consumption expenditures could muster only a 0.2 percent gain, 1 tenth below the Econoday consensus in a marginal
Talk of the Fed’s upcoming FOMC meeting, which takes place March 14–15, has largely been centered around the prospects of a rate hike — with a plethora of Fed members coming out with a hard “hawkish” push. Here is a round up of their recent comments. Fed Chair Janet Yellen: We currently judge that it will be appropriate to gradually increase the
The recent news in the Bitcoin world is China’s building attempt to regulate and oversee its use to a point where it is rendered nearly useless for Chinese consumers. They’ve realized that they can’t truly kill it per se, but they can regulate the exchanges to a point where they can effectively stymie ts attractiveness. Bitcoin, whether one
We previously mentioned the budding struggle between the Yellen and Trump factions relating to the strength of the dollar and monetary and fiscal policies. It is the monetary status quo versus the populist rhetoric, and the showdown is worldwide. CNBC : The European Central Bank (ECB) is faced with an unprecedented political challenge this year
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.