A Timid Response

February 25, 2022 Let’s be real.  Nobody knows exactly what is going to happen next in the war between Russia and Ukraine.  But a couple of things seem obvious.  Russia appears to be handily dismissing its Ukraine rivals.  Europe and the U.S. continue to do what they...

The Fed is in Trouble

February 4, 2022 The January employment report was full of surprises all of which lead to the conclusion that the labor market is extremely tight and the Fed is far behind the curve.  Payroll employment rose markedly in January.  But COVID and bad weather were...

The Fed Leaps into Action

January 28, 2022 What a week!  The pace of economic activity in the winter months is being buffeted by the rise and expected fall in COVID cases and by miserable weather in December and January.  These two factors will shift growth from month-to-month but should not...