This week, Federal Reserve Chair Jerome Powell gave two days worth of testimony before Congress. As part of his testimony, he presented the Monetary Policy Report July 2021 . With this week’s major economic news flow undoubtedly being that (price) inflation, as measured by the Labor Department, is on the dramatic rise, it’s easy to lose sight of
Over the weekend, Yahoo Finance Editor-in-Chief Andy Serwer wrote an article titled: How the Federal Reserve can really help America. His error is as old as the word “ Socialism ” itself. The author seems genuine in wanting a better society, but his misguided belief is that the way there is through better planning from the government and the Fed.
How well can anyone remember past Federal Reserve Chairs? There was Volcker, who allegedly solved the inflation crisis by raising rates and bringing about a recession. After Volker there was Greenspan who is still referred to as “the Maestro.” Followed by “Helicopter” Ben Bernanke... a name he probably doesn’t appreciate much. After Ben came
The July Federal Open Market Committee (FOMC) meeting this week had many interesting sound bites and a lot of Fedspeak, as is typical from one of the nation’s most powerful central planners, talk of the Fed’s “liftoff” being among them. Don’t bother looking in any textbook in search of an economic model or the theory behind liftoff; there is none.
Effective July 29, 2021, the Federal Reserve directed the New York Federal Reserve’s Trading Desk (the Desk), to: Conduct overnight repurchase agreement operations with a minimum bid rate of 0.25 percent and with an aggregate operation limit of $500 billion; the aggregate operation limit can be temporarily increased at the discretion of the Chair.
He may not be a household name, but the letter Senator Joe Manchin (D) from West Virginia wrote to the Federal Reserve chair Thursday is worthy of consideration. The notable part is where he writes: With the recession over and our strong economic recovery well underway, I am increasingly alarmed that the Fed continues to inject record amounts of
Every quarter this past year I’ve provided updates on the stock holdings of the Swiss National Bank (SNB). Comment sections, internet chat boards, social media, and various articles about the bank reveal many people don’t understand the significance of its anticapitalist actions nor the problems this creates. Understand, the SNB is not a “bank” in
Did you know Afghanistan has a central bank? Established in 1939, it’s called Da Afghanistan Bank ( DAB ) and in the near future will likely come under control by the Taliban. Nonetheless, the institution has some history, like the nation of Afghanistan itself, which had a monetary system using coins dating back over two thousand years! Their
As a precursor to this October’s inaugural Economic Education Month , the Economic Education Group of the Federal Reserve held a virtual Q&A session between Federal Reserve Chair Jerome Powell and a variety of students and teachers from across the country. This education group includes over 50 subject matter experts who serve the outreach arm of
This Friday marks one of the most important economic events of the year. But even Jackson Hole could not escape the threat of the latest variant, as the Kansas City Fed recently announced that due to an elevated covid risk, the event is to be held virtually. The public is welcomed to tune in this Friday, August 27, at 10 a.m. EST via the Fed’s
What is the Mises Institute?
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.
