The Federal Reserve has gone down a path it cannot turn back from. It has gone towards the inevitable failure of the currency. There is no way that printing excessive quantities of fiat currency can ever work out well. They know this but that’s what is being done anyway. There are no historical examples of successful currency debasement and yet they’re all doing it. Sadly, people are enjoying this policy and believe this is somehow positive. How foolish.
Markets: Indexes, Bonds, Forex, Key Commodities, ETFs
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Federal Reserve issues FOMC statement
The Fed’s New Dot Plot After Its September Rate Meeting: Chart – Bloomberg
Fed’s Lifeline to Main Street Flops With 99.8% of Cash Untapped – Bloomberg
Fed picks its side in inflation debate and sends market a message — no rate hikes for years
The Fed does not expect to see inflation pick up for years, and it is willing to keep rates at zero even after it does. Stocks initially surged after the Fed released its post-meeting statement and its latest economic forecast, showing it will keep interest rates at zero at least through 2023, as expected.
Fed expects to keep rates near zero through 2023 – POLITICO
Powell deferred to Congress on the details of any legislation, saying there seems to be an appetite for doing more. But he highlighted the millions of Americans still out of work, as well as the struggles of small businesses and state and local governments.
‘Don’t do it’ – studies flash sub-zero rate warnings to central banks | Reuters
LONDON (Reuters) – Six years after the ECB cut interest rates below 0%, behavioural finance gurus have a message for other central banks thinking about taking the plunge: don’t. Rates in the United States, Britain, Norway, Australia, New Zealand, Israel and Canada are at or below 0.25%, so chances are one or more of their central banks will go sub-zero to try and counter the pandemic-fuelled economic funk.
Super-Rich Step Up Big Stock Sales After Global Prices Surge – Bloomberg
Yelp data shows 60% of business closures due to the coronavirus pandemic are now permanent
Yelp on Wednesday released its latest Economic Impact Report, revealing business closures across the U.S. are increasing as a result of the coronavirus pandemic’s economic toll. As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed. That’s down from the 180,000 that closed at the very beginning of the pandemic.
Hotels facing a painful wave of permanent closures – SFGate
A large number of U.S. hotels temporarily closed their doors as bookings dried up last spring due to the coronavirus epidemic. And as fall approaches, it looks like a significant number of them might not be able to reopen as expected even if business starts to pick up to a healthy level again.
(10) Sven Henrich on Twitter:
“The credit bubbles keep getting larger. https://t.co/uRaXD1Glb1” / Twitter
The credit bubbles keep getting larger. pic.twitter.com/uRaXD1Glb1
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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 stock market has been very excited to see the promise of continued historically low interest rates. There has never been cheaper debt which is why many companies have taken on excessive leverage like never before. Money, cash, and debt.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.