Unlike the June Fed meeting, the FOMC announcement at 2pm today is expected to be an uneventful affair: as DB's Jim Reid pointed out earlier, "given its late July and given the Fed will likely announce an end to balance sheet reinvestment in September (starting from October), this could be a relatively dull meeting."
Via Global Macro Monitor,
“History doesn’t repeat itself but it often rhymes.” – Mark Twain (maybe)
We have been speaking a lot about how the liquidity in the market today is different than in the past. The chart below reflects this better than anything we have seen.
Why Surging UK Household Debt Will Cause The Next Crisis
Submitted by Bill Blain of Mint Partners
Blain's Morning Porridge, July 26.
“Bankruptocracy is as much a European predicament as it is an American invention.”
Apologies for lack of comment y’day, but my computer decided to auto-destruct just as I about to send it out. Despite many reports saying markets are now in full holiday season, there’s still plenty of serious stuff still going on, and some subtle shifts in direction to figure out.
Authored by Mike Shedlock via MishTalk.com,
The Wall Street Journal reports Gold Standard Didn’t Really Tame Inflation, New Research Says.
The research was by St. Louis Fed economist Fernando Martin. Curiously, his study precisely shows that the gold standard did indeed tame inflation.
Let’s investigate Martin’s bogus claim and his peculiar logic in making it.
In his email to the WSJ, Martin stated: “Most of the price increase in the period starting with World War II is due to two specific episodes.”