Former Goldmanite and current Minneapolis Fed president, Neel Kashkari, conducted another #AskNeel session on Twitter where the dovish FOMC voter (he was the only one to dissent to the Fed's rate hike decision earlier this year) received numerous questions. Among them was the following one from Zero Hedge:
S&P futures are again modestly in the green as European shares hold steady ahead of a meeting of the Catalan regional parliament and a possible declaration of independence by Catalan leader Puigdemont, while Asian shares rise a the second day. The dollar declined for the 3rd day, its losses accelerating across the board amid growing concerns that Trump's tax reform is once again dead following the Corker spat and a rejection from Paul Ryan, with the move gaining traction after China set the yuan’s fixing stronger for the first time in seven days.
Yesterday, DoubleLine's Jeff Gundlach, who correctly predicted the election of Donald Trump, unveiled a new surprise forecast: Neel Kashkari would be the next chairman of the Federal Reserve. Speaking Tuesday at a Vanity Fair summit in Los Angeles, Gundlach said Kashkari, president of the Minneapolis Fed, was a strong advocate of easy money.
Over the years many have accused central banking of being the world's latest (and most profitable) religion, with central bankers the only modern day priests left that still matter (to the tune of $75 trillion, the market cap of all stocks in the world).
While Jamie Dimon made headlines with the warning that "something is wrong" with America, to which he dedicated a substantial portion of his latest annual letter to shareholders, a less discussed declaration by the JPM CEO was that the too-big-to-fail problem, one which clearly impacts his own bank, JP Morgan, has been solved.