Come Hell or High Water
Governor Waller suggests two significant changes to the Fed’s QT framework that effectively removes all obstacles to an extended QT. First, Waller suggests that the $2t in RRP balances should be consolidated with bank reserves when thinking of bank liquidity levels. This indicates that the Fed would be comfortable with bank reserve levels dropping below the roughly estimated $2.5t minimum level. Second, Waller appears to be open to maintaining QT even if policy rates are cut. This would reverse longstanding Fed dogma where both the policy rate and balance sheet must express the same stance of monetary policy. This post reviews these two developments and suggests that they represent an effort to re-tighten financial conditions by steepening the curve.
The 13 Best Movies About Wall Street
Wall Street has always been a fascinating subject for filmmakers, and over the years, there have been many movies that have explored the topics of money, power, and greed. From classic dramas to today’s thrillers, these films have captivated audiences with gripping stories and unique characters. In this post, I’ll be counting down the 13 best Wall Street movies by highlighting the films that have defined the genre and left a lasting impression on audiences around the globe.
US Home Sales Eke Out Gain to Cap Disappointing Year on Rates
Sales of new US homes rose for a third month in December, wrapping up an otherwise disappointing year in which soaring borrowing costs stifled demand and weighed on the economy. Purchases of new single-family homes increased 2.3% to an annualized 616,000 pace after a downward revision to the prior month, government data showed Thursday. The median estimate in a Bloomberg survey of economists called for a 612,000 rate.
The West Must Never Again Go Totalitarian
The West can never again go totalitarian. We saw it happen generations ago. We fought two of humanity’s most destructive wars and faced the horror of industrial-scale extermination. Never again, said the world’s peoples in the late 1940s, and they began the difficult task of uncovering all that had been done, all that had gone wrong. The mass graves, the German and Soviet labor camps, the Japanese massacres in the Far East, America’s internment camps, the secret police and the mutilations, the ever-present threat of violence hanging over every member of society. We saw the personality cults around Hitler or Stalin for what they were, the blatant ideologies for what they had resulted in.
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