Government policies – from shutdowns, to stimulus, to vaccine mandates – in response to the coronavirus pandemic have thrown the US economy completely out of whack. Looking at employment reveals just how messed up the economy has become.
The number of Americans quitting their jobs surged to a record high in August. According to the Labor Department Job Openings and Labor Turnover Survey (JOLTS) report, job quits increased by 242,000 in August, pushing the total to a record 4.3 million. The quits rate surged to an all-time high of 2.9% in August from 2.7% in July.
Have you heard the latest news on the fake debt-ceiling fight?
The Senate has approved a measure to kick the can down the road a couple of months. So, the “fight” will continue!
The $480 billion increase raises the debt limit to $28.9 trillion, but that’s only going to last until Dec. 3. That means we have time for more political theater. Yippee!
The Fed has an inflation problem.
The CPI is running well above the mythical 2% target and there isn’t any sign that it will ease soon. To deal with this problem, the central bank should tighten its monetary policy. But that would create a whole new problem, given that it can’t tighten in this economic environment. So, what is a central banker to do?
Well, if the Fed can’t hit the target, how about just moving the target?
Wouldn’t it be cool if you could just talk and your words would alter reality?
It would elevate you to superhero status — or super-villain depending on your propensity to use your power for good or evil.
You know, there’s a real-life person who at least appears to have this superpower.
A Reuters article by Stefano Rebaudo argued that the Federal Reserve might welcome a “bond market tantrum” that pushes bond yields higher. But does the Fed really want higher interest rates? And what would that mean for the economy?
Despite the post-pandemic economic improvement and wide expectations that the Fed will begin tapering quantitative easing in the near future, bond yields have remained stubbornly low. Ten-year Treasury yields remain stuck just above 1.3%.
Today is Constitution Day.
We’re supposed to be celebrating the day the Constitution was signed and presented to the states for ratification. But it’s pretty hard to celebrate because the Constitution is dead.
The government CPI data for August came in slightly under expectations. Nevertheless, a 0.3% month-on-month increase in prices is significant. And a dig into the numbers reveals something wonky. The way the government calculates housing costs drastically understates rising prices and skews overall CPI to the downside.
The Federal Reserve is helping corporate real estate investors evict poor people from mobile home parks.
I have some sobering news for you.
No, no, not just the politicians you don’t like. I mean pretty much all of them – with a few rare exceptions. It’s like part of the political DNA.
I learned a new term this week – crypto gangster.
I have to confess — it sounds kind of cool.
“What do you do, Maharrey?”
“I’m a crypto gangster. So, don’t mess with me.”