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Monthly Archives: July 2019
New easing cycle not bullish for corporate securities
US Fed Chair Jerome Powell stoked hopes for imminent rate cuts on Wednesday, acknowledging that global growth remains far below the Fed’s forecasts in 2019. While large-cap shares levitated on prospects of a further reduction in borrowing rates, other economically … Continue reading
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Fleeting growth at the price of stability: the Fed’s conflicting mandates
When Congress passed the Humphrey-Hawkins Full-Employment Act in 1978 it added ‘full employment’ as a second and conflicting mandate to the original goal of price stability. This seemed like a good idea to those unrealistically seeking perpetual economic expansion. In … Continue reading
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The credit cycle and technology driving secular shifts in spending and employment
Now at the end of a debt supercycle, job losses in highly cyclical sectors like retail, finance, transport and real estate are spreading to connected industry and services worldwide. The transition here is likely to be more secular and durable … Continue reading
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