Business

Herding cats is a notoriously difficult task, but Janet Yellen served notice on Tuesday that no matter what emanates from other members of the US monetary politburo, there’s only one house view and that’s her’s. “As she spoke, I couldn’t help picturing a mother lion swatting her misbehaving cubs back into line,” Bloomberg’s Richard Breslow wrote this morning.

While there’s something disturbing about picturing the “diminutive” Fed chair as a “mother lion,” the analogy seems apt.

At the end of the day, it was all about the dollar.

Despite Yellen's best efforts today to basically dismiss any and all data as irrelevant going forward in The Fed's decision-making process, we suspect all eyes (and algos) will be firmly glued to this week's payrolls' data. Will it be another record month for Obama to crow about? Will Mark Zandi do the "told you so dance" to all the trump supporters who seem less exuberant about the recovery? One look at this chart  - and the disastrous trend - and we suspect, sooner-rather-than-later, the fecal matter will be striking the rotating object in America...

Submitted by Paul-Martin Foss via The Mises Institute,

Last week, Rahm Emanuel got some bad news. The Illinois Supreme Court agreed with Cook County judge Rita Novak’s ruling that the Chicago mayor’s scheme to put worker pension plans on a sustainable path was unconstitutional.