Fed porn. That’s what a guy I know who covers the Fed calls minutiae of the type I’m about to share with you. So be forewarned, but tracking the entrails of statements by the central bank is an occupational requirement. It’s also made a whole lot easier by the Wall St. Journal’s Fed tracker, which allows… Read more
What parent, busily trying to make sense out jumpy data, hasn’t yelled that down to the basement, especially during summer, when the kids are out of school? My kids, however, schooled in the volatility of high-frequency data, yell back: “Dad, if you want to filter out the noise, compute year-over-year changes!” Ah, from the mouths of… Read more
Running to a meeting so more to come on this later in the day, but the strong bounceback in Q2 GDP to 4% confirms that the -2.1% (as revised) in Q1 was the outlier we all thought it was. For now, my only point is this. Let us not flip from “we’re going down!” to “we’re… Read more
“The way to make a train go fast is to keep it from going slow.” That bit of Zen was told to me by one of the nation’s foremost rail experts back when I worked on that issue. He was explaining that part of developing a high-speed rail system entails straightening out existing curves in… Read more
History says as much, over at PostEverything. The connection to Rep. Ryan’s new poverty plan is left as an exercise for the reader.