This may well be the worst of times for President Trump since his election victory almost three years ago. A mere 37% of Americans approve of the way he is handling his job, according to a CNBC Economic Survey. That is the lowest level of his presidency. Fifty-three percent disapprove. Worse still for a President […]
Two great democracies, their political processes paralyzed by attempts to deny the will of the people. In Britain, voters in a referendum told their representatives they want to leave the European Union and its overweening bureaucracy, to snatch sovereignty back from Brussels to Westminster. The Establishment is having none of it, and has Boris on […]
America is in the midst of a real-time, real-world economic experiment to discover whether a nation can talk itself into a recession. We know from past experiments that it cannot talk itself out of one. Early in the Great Depression of the 1930s then-President Herbert Hoover sought to lift spirits and the economy by proclaiming, […]
The U.S. is growing faster than other major developing countries. The dollar has gained against seven of its Group-of-10 peers this year and “is having its best decade on record,” reports Bloomberg’s Viven Lou Chen. Foreign money is pouring into the U.S. That’s the bad news. The strong dollar, which hurts exporters and reduces the […]
Recession fears soared last week because of something called an inverted yield curve which exists when investors shift their cash from shares into the relative safety of government bonds. That drives the price of bonds up, and, the flip side, interest rates down. Since recessions last a while, investors, when fearing a recession, prefer longer-term […]
It is rare that a chairman of the Federal Reserve Board can give a routine speech confirming a widely anticipated and minor interest-rate change and, rather than produce a yawn, precipitate the steepest one-day share-price plunge since May, and a rise in the dollar to a two-year high against six major currencies. Jay Powell accomplished […]
Recoveries don’t die of old age. They are murdered by policymakers. That was true in the 1930s, and it may well be true these many years later. Post mortems are likely to discover that the politicians and the Fed will turn out to be partners-in-crime, the politicians by drowning the recovery in red ink, the […]
His appearances before a pair of congressional committees last week were the least of Federal Reserve Board chairman Jay Powell’s problems. His reputation for candor and the individual and small-group meetings he has held with 116 congresspersons in his 16 months in office assured a respectful reception and protection from a president threatening to fire […]
This month marks the start of the eleventh year of an economic expansion that began at the end of the last recession. That surpasses the previous record for growth, set in the 1990s. The economy grew at an annual rate of 3.1% in the first quarter. The unemployment rate is at a 50-year low. Inflation […]
Who says Americans are deeply divided on all issues? Not true. Both the President and the hard left, including a new group, Employ America, agree that the Federal Reserve should cut interest rates, a lot and soon. But the Fed, led by chairman Jay Powell is not ready, at least not yet, to lower rates. […]