If you repeat something often enough, you may even start to believe it. So try this phrase: “The economy is improving. The economy is improving. The economy is improving.” Certainly,…
More Consideration of “Considerable”
Yes, we’ve already discussed the word “considerable” at considerable length, in relation to its use by the Federal Reserve Board in its recent policy statement. But apparently we are on…
Janet Yellen Takes Us Through the Looking Glass
“When I use a word, it means just what I choose it to mean — neither more nor less.” Lewis Carroll, Through…
Less than “Less than Zero”
In June, the ECB lowered the interest rate on bank deposits, including reserve holdings in excess of the minimum reserve requirements, from zero to -0.10%. This week, surprising just about…
Going Prudential In a Macro Way
Obfuscation is an art form in which the Federal Reserve Board excels. It follows a few simple rules: Never use a word or phrase that is simple and widely understood…
The Market’s Missing Mojo
Easy money policy has its share of side effects. The stock market continues to hit new highs, thanks to the Fed, but the level of risk that investors and taxpayers…
Translating Fedspeak
While the week’s biggest news has taken place in Russia, Ukraine and China, it’s the news out of the Federal Reserve Board’s Federal Open Market Committee that’s most in need…
Mission Not-Quite Accomplished
Remember when the announced goal of quantitative easing (QE) was to reduce the unemployment rate to 6.5%? It’s now 6.6% and heading down. So can we expect QE to finally…
The Neverending Story
Why change? It’s been more than five years since The Federal Reserve Board began its quantitative easing program. We’ve had QE, QE 2, Operation Twist and the never-ending QE 3. …
Giving Thanks
Given our general grumpiness and Chicken Little attitude about current economic policies, you might think we’re not big on giving thanks. Not true. We love Thanksgiving. This uniquely American holiday…