Is Time magazine already regretting its decision for person of the year? Not from a publicity for the magazine standpoint, or for magazine sales … okay, of course Time doesn’t regret the choice. But from a sheer impact standpoint, the jobs data saying 199,000 jobs were created in November showed that person of the year finalist, Federal Reserve Chair Jerome Powell, seems to have absolutely nailed the soft landing after the swiftest (ahem) rate hike campaign in decades. Taylor may be worth billions, but the U.S. economy is worth, at last count, $27.64 trillion.
Ed Yardeni absolutely buries the hard landers, the gloom and doomers who expected a nose-dive for the U.S. economy, in a new commentary for Monday. Sure, Yardeni notes, there’s a litany of valid reasons why the U.S. economy may have sunk: that rate hike campaign, the inversion of the yield curve since the summer of 2022, the years-long falling of the index of leading indicators, the declining M2 money supply in real terms. “We’ve provided several explanations for why the hard landers and their indicators have been wrong so far,” says the chief investment strategist at Yardeni Research who coined the phrase, “bond vigilante.” “Here’s a new one: Perhaps the Fed hasn’t been tightening monetary policy so much as normalizing it. Interest rates are back to the Old Normal. They are back to where they were …
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Ed Yardeni absolutely buries the hard landers, the gloom and doomers who expected a nose-dive for the U.S. economy, in a new commentary for Monday. Sure, Yardeni notes, there’s a litany of valid reasons why the U.S. economy may have sunk: that rate hike campaign, the inversion of the yield curve since the summer of 2022, the years-long falling of the index of leading indicators, the declining M2 money supply in real terms. “We’ve provided several explanations for why the hard landers and their indicators have been wrong so far,” says the chief investment strategist at Yardeni Research who coined the phrase, “bond vigilante.” “Here’s a new one: Perhaps the Fed hasn’t been tightening monetary policy so much as normalizing it. Interest rates are back to the Old Normal. They are back to where they were …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]