The litany goes on, as the housing market slides, the outlook for consumer demand comes into question, corporate earnings forecasts seem likely to be come under the knife after second-quarter earnings are reported and worries mount that layoffs loom ahead. The present situation feels like it has a good chance to spiral out of control: investors are shell-shocked stocks have been reeling despite occasional bounces and there's no place to hide as correlations go to 1 credit risks are rising, and inflation is sky high while - ominously - inflation expectations may be becoming embedded. A thoughtful, reasonable explanation would go a long way toward buttressing the public's confidence in the central bank. Let's hope that the folks in the Eccles Building are addressing what has gone wrong with their analyses, and that they plan to share their conclusions in a clear, coherent manner.
Unfortunately, it was an embarrassment unaccompanied by an explanation of why the Fed's army of economists has been unable to deal with inflation for years.
Such talk after the meeting was an embarrassment. Happy-talk about a "soft landing" was ludicrous even before the Fed governors met, as wave after wave of data in the preceding weeks confirmed that the economy and the financial markets were taking on water fast. Someone should have asked it on June 15 at Fed Chairman Powell's post-rate-hike session with the press.
Markx brothers movie#
"Who you gonna believe, me or your own eyes?"Ĭhico Marx asked that question in the classic movie Duck Soup.
Markx brothers archive#
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