There are regular meetings, statements, and conferences with the Fed. Largely they’re predictable events. We knew this was coming but the implications are not well understood. Look, let’s be honest. The Federal Reserve, run by wealthy people, doing tasks for ultra wealthy people lurking in the shadows, do not care about the public. That’s documented. That’s well understood by those who pay attention. Up until a few years ago, the Fed intervening in the markets was supposed to be a temporary event. Today however, the more the better. And that’s truly disheartening, knowing what happens in 100% of historical cases.
Powell announces new Fed approach to inflation that could keep rates lower for longer
The Federal Reserve announced a major policy shift Thursday, saying that it is willing to allow inflation to run hotter than normal in order to support the labor market and broader economy. In a move that Chairman Jerome Powell called a “robust updating” of Fed policy, the central bank formally agreed to a policy of “average inflation targeting.”
Fed Chair Jerome Powell at Jackson Hole: New Approach to Inflation, Unemployment – Bloomberg
Unemployment Claims Remain Historically High – WSJ
Unemployment claims fell slightly last week but remained historically high, signaling layoffs continue as the coronavirus continues to hamper the economic recovery. New applications for unemployment benefits ticked down to one million in the week ended Aug. 22, the Labor Department said Thursday.
America’s Coming Double Dip by Stephen S. Roach – Project Syndicate
Soaring financial markets are blithely indifferent to lingering vulnerabilities in the US economy. But the impact of consumers’ fear of COVID-19 on pandemic-sensitive services are unlikely to subside, undermining the case for the uninterrupted recovery that investors seem to expect.
Ultra-Rich Club Stockpiles Cash as U.S. Economy Fears Grow – Bloomberg
Gold Is Bigger Bubble Than Tech, Says $63 Billion Asset Manager
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(13) Quoth the Raven on Twitter:
“Bezos got $86 billion richer this year while 30 mil were out of work, putting his net worth over $200 bil. Directly a result of the Fed printing trillions to prop up the stock market, while giving most people $1,200. Fed policy doesn’t help us, it WIDENS the inequality gap.” / Twitter
Bezos got $86 billion richer this year while 30 mil were out of work, putting his net worth over $200 bil. Directly a result of the Fed printing trillions to prop up the stock market, while giving most people $1,200. Fed policy doesn’t help us, it WIDENS the inequality gap.
(13) Holger Zschaepitz on Twitter:
“Biggest experiment in monetary history: Central banks are almost engaged in a battle over who can rumble their printing presses the loudest. SNB and Bank of Japan lead the race. https://t.co/JQ9h46vXib” / Twitter
Biggest experiment in monetary history: Central banks are almost engaged in a battle over who can rumble their printing presses the loudest. SNB and Bank of Japan lead the race. pic.twitter.com/JQ9h46vXib
(13) Carl Quintanilla on Twitter:
This is nuts.(via @DPitt83) pic.twitter.com/QiDIIw4ybd
(13) StockCats on Twitter:
“https://t.co/BVPty17kdL” / Twitter
NYC Subway Is in Survival Mode MTA CEO Pat Foye Warns, Seeks Federal Aid – Bloomberg
The price of lumber soars to unprecedented level | WKRN News 2
NASHVILLE, Tenn., (WKRN) – If you are in need of lumber, then it is likely you are on a long waiting list with others. Demand is high and supply is low for lumber. Meaning, prices will continue to soar. If you are planning to build a deck, fence or house this fall, you may want to think twice.
With no buyer in sight, Lord & Taylor liquidates all stores | Retail Dive
Bankrupt Le Tote and Lord & Taylor on Tuesday said all 38 department store locations have begun going-out-of-business sales, adding a final few to the 24 already in progress. The company said it is “still entertaining various opportunities” in hopes of selling itself as a going concern, according to an emailed press release.
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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It’s simply data that is generally not found through conventional means.The financial system requires ever-increasing levels of debt. The stock market require more and more debt. The average person needs it as well. There has never been a time in history where this much debt has been punishing the structure that they’ve created. There’s no way this ends well.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.