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Longtime followers of infeneo (and its associated InFi podcast) know that I am no friend of Modern Monetary Theory (MMT). My chief complaint is that their ostensibly unorthodox ways of viewing government finance are incredibly misleading, at least in the hands of some of their most popular gurus. In today’s post I’ll give yet another example, this one coming from […]
Inflation isn’t a new problem. In fact, it has plagued this country since its founding. Even though the American Revolution– and its monetary soundness– are worth celebrating, its lesser-known history reveals how war and inflation go hand-in-hand.
Spring’s brief lull in price pressure has faded. At 8:30 a.m. ET, the Bureau of Labor Statistics reported that headline CPI rose 0.3 percent in June and 2.7 percent year over year, up from May’s 2.4 percent pace and higher than the 2.6% consensus forecast. Core CPI—excluding food and energy—advanced 0.2 percent on the month […]
Gold finished last week at US $3,352 per ounce, a modest 0.6 % gain that nonetheless leaves the metal up an eye-catching 28.5 % year-to-date. Monday’s trade saw prices probe as high as US $3,365, keeping bullion within arm’s reach of the two-month trading ceiling that technicians have marked at US $3,395. All of this […]
If Donald Trump has his way and recent reports are accurate, Federal Reserve Chair Jerome Powell is considering stepping down from his position. While extremely rare, Fed Chairs resigning before the end of their term isn’t entirely unheard of. Powell’s obligations would ordinarily extend to May 2026.
The Federal Government publishes the spending and revenue numbers on a monthly basis. The charts and tables below give an in-depth review of the Federal Budget, showing where the money is coming from, where it is going to, and the surplus or deficit.
As is the case with many new regulations, the 2022 Inflation Reduction Act (IRA) had the opposite effect as what was implied by its name. President Trump campaigned on reducing inflation and bringing down prices.
One of the long-touted goals of central banking is “price stability,” which, in the minds of central bankers, means low and continuous inflation. Even if this goal wasn’t cover for inflationist policy, it’d still be important to note that “price stability” is actually an unachievable goal when properly understood.
Federal Reserve Governor Christopher J. Waller used a Dallas Fed podium Thursday to peel back the curtain on the central bank’s swollen balance sheet—and to argue that a slim-down is overdue but shouldn’t be draconian. Since 2007, Fed assets have ballooned from $870 billion (about 6 percent of U.S. GDP) to roughly $6.7 trillion, even […]
Minutes from the Federal Open Market Committee’s June 17–18 meeting show policymakers content to hold their fire—for now. The Fed kept its benchmark federal-funds range at 4¼–4½ percent and left both the interest rate on reserve balances (4.4 percent) and the primary-credit rate (4.5 percent) untouched. Officials insisted that “recent indicators suggest that economic activity […]
Gold ended last week at a record-setting US $3,332 per ounce, up 1.8 % on the week and a blistering 28 % year-to-date. The metal’s march higher has come even as Wall Street cheers fresh equity highs and a softer dollar, underscoring bullion’s stubborn appeal as fiscal storm clouds gather. Yesterday’s price action was orderly—just […]
