The Last Great Inflation and What It Says About the Present One

With inflation now firmly in the headlines (and in our lives), a look back at the last experience with this menace may offer needed perspective.  Of course, history never repeats exactly, and there is no claim here that it will.  Nonetheless, a look back will provide ammunition to counter much of the nonsense appearing in the media … Continue reading The Last Great Inflation and What It Says About the Present One

What Drives This Market Rally?

People are worried.  Society seems to have degenerated into partisan bickering and, too frequently, violence.  Democrats and Republicans seem more set on thwarting each other than serving the nation.  Inflation seems to have gotten away from the Federal Reserve (Fed).  Supply chains are failing.  And yet, despite this dispiriting picture, stocks continue to rise.  Is it that market participants are unaware … Continue reading What Drives This Market Rally?

New Goals For The Fed?

Federal Reserve Board (Fed) Chairman Jay Powell recently announced a new policy framework within which to achieve its long-accepted goals of full employment with low and stable inflation. This change created some disruptive uncertainty in financial markets about how the Fed will behave in the future. Today’s level of disruption and uncertainty would pale, however, … Continue reading New Goals For The Fed?