After years of treating monetary aggregates as background noise, policymakers are once again considering whether measures like M1 and M2 should play a larger role in forecasting inflation. That reconsideration is overdue. It is also incomplete. The Fed’s failure during 2020 and 2021 was not simply that it ignored the expansion of money. It was…
Back in May I ended a note with the following… These markets will not sell off until the market, for what ever reason via implied or tangible evidence, that the Fed either no longer has or, no longer can “have its back.” Simple as that. This past Friday, you may have just glimpsed the latter…
I’ve used the term “Jiggy” for years. For those that may not remember where the term originated, it’s from a Will Smith song titled “Gettin Jiggy With It” back in 1997. In what now seems like forever, I’ve used it to describe that moment in time when one force meets another and things begin to,…
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