The big three central banks (Federal Reserve, European Central Bank and the Bank of Japan) met this week to review their monetary stance. In this mid-quarter update, we share our analysis, The Monetary Policy Pitchfork. Summary: After a decade of emergency monetary policy, the major central banks...
The quiet, subtle decline in the Federal Reserve’s balance sheet continued in April. As of May 1st, the Fed’s balance was at $4.47 trillion. While undoubtedly still incredibly large, the Fed’s balance sheet is about $45 billion less than its peak level on January 16,...
Throughout QE3, one of our favorite charts to look at was the three-month change in total fed assets. You could overlay this series with bonds or stocks or other economic indicators and find some interesting relationship....
In the few minutes since the release of the FOMC statement and since the Fed dropped the word ”patient” as expected, the S&P 500 has risen by 30 points. Here are a few takeaways from the latest Fed projections and interest rate dot plot. Real...
