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Profits, Bubbles, And Labor That’s Missing But Not Unexplained
You’ve heard all the ridiculous explanations for the labor market’s big deficiency. When not attempting to characterize payrolls as strong, Economists have tried to explain the participation problem...
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Mysteriously Financialized (Or Not)
The Federal Reserve published its latest update for Z1, the Financial Accounts of the United States (formerly Flow of Funds). That means we can update our valuation metrics for a good piece of the US...
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Rationing Rational Rationalizations
What is the Greenspan or Fed put? It is an idea, the legend that says the US central bank will only allow a little downside in stocks. The 1929 crash despite being so long ago has been indelibly...
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Inflation Falls Again, Dot-com-like
US inflation in January 2019 was, according to the CPI, the lowest in years. At just 1.55% year-over-year, the index hadn’t suggested this level since September 2016 right at the outset of what would...
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Where It All (Should Have) Started
It was late on a Friday night in early September 1997. Because his speech was given at Stanford University out in the Pacific Time Zone just as the weekend was about to commence, market watchers were...
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Further The Zombie Bubble
The Bureau of Economic Analysis (BEA) has revised its preliminary estimate of GDP. That can only mean one thing: time to look at corporate profits again. Included along with the recalculated headline...
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A Day For Rate Cuts
Well, that wasn’t he had in mind. The whole point of a rate cut, any rate cut let alone an emergency fifty, is to signal especially the stock market that the Fed is in the business of…something. The...
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Why The FOMC Just Embraced The Stock Bubble (and anything else remotely...
The job, as Jay Powell currently sees it, means building up the S&P 500 as sky high as it can go. The FOMC used to pay lip service to valuations, but now everything is different. He’ll signal to...
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There Was Never Going To Be A ‘V’ Because The Bowl Was Always Empty
What was stupidest about the past few months was how it was these guys who everyone was depending upon to make it all go just perfectly moving forward. Worse, those geniuses being held up as competent...
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It’s Not As Obvious, But Stocks Are Tipped More Toward ‘Deflation’, Too
You have to laugh at the absurdity of the puppet show theater. A few months ago when bond yields backed up a little bit, as they do from time to time, everyone from Bond Kings to Dollar Crash-ists to...
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