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Anyone hating their job at the moment should spare a thought for Federal Reserve head Jerome Powell. In real time, investors can observe the extent to which Chairman Powell is confused about the direction of US interest rates.
TOKYO – Last month, former US Treasury Secretary Lawrence Summers drew chuckles when he said the Federal Reserve’s next action might be to tighten, not ease, interest rates. Few bond traders are laughing now.
Anyone laughing at Lawrence Summers for predicting that the US Federal Reserve’s next move may be a tightening, rather than loosening, is rather quiet now.
The People’s Bank of China is giving a whole new meaning to “monetary science.” Asia’s biggest economy’s central bank is devising a program to provide as much as 500 billion yuan (US$69 billion) to support innovation in science and technology.
Inflation that peaked at 18% and remains above 8% explains disastrous polling results for President Biden – especially in seven key swing states where Biden has lost support in every demographic segment, notably among minority men.