Archive for the ‘Federal Reserve’ Category

How R’s on the House Finance Committee want to go after the Fed’s independence, and why that’s a terrible idea.

July 20th, 2017

I testified this AM at the House Finance subcommittee on monetary and fiscal policy. Three R witnesses and yours truly, so I didn’t get to say all I wanted—after all, monetary and fiscal covers a lot of ground! So, why else have a blog if I can’t use it to post the stuff I didn’t have… Read more

Is the Fed fighting an old war?

June 15th, 2017

As expected, as their meeting concluded yesterday, Federal Reserve Chair Janet Yellen and company decided to raise the benchmark interest rate they control by one-quarter of a percentage point. The question is: why? She was, of course, asked about this in lots of different ways in her press conference. [Pause here for a moment and… Read more

Jobs report: Some softening in May. Should the Fed hold off on next rate hike? I say…[read on]

June 2nd, 2017

Employers added only 138,000 jobs last month, well below expectations for 175,000. Revisions to payrolls for the prior two months reduced employment gains by 66,000. The unemployment rate fell to 4.3 percent, its lowest level since 2001, but for the wrong reason: labor force participation fell by two-tenths of a percent. In other words, this… Read more