Powell Pivots to a Rate Cut

Update 370 — Powell Pivots to a Rate Cut;25 bps (Bonus Points) for Capital Markets The old joke is that the Fed is there to pull the punchbowl away before the party ends in mayhem and tears.  This afternoon, the Fed re-filled the punchbowl and announced, if you can drink, please do. The first Fed …

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2020 Presidential Candidate Series — Sen. Gillibrand

Update 369 — 2020 Presidential Cand. Series; Economic Agenda of Sen. Kirsten Gillibrand This month has featured three economic policy surprises — a sudden budget agreement between the president and Speaker Pelosi, a monetary course reversal by the Fed, and a drop in GDP growth from 3.1 the first quarter of 2019 to 2.1 in …

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Midsummer’s Budget Stunner

Update 368 — Midsummer’s Budget Stunner;Niche of Living Dead/Tax Extenders Near You A deal to fund the government and raise the debt ceiling is in sight. The Pelosi/Mnuchin agreement will raise fiscal year 2020 spending caps for defense and non defense discretionary, about $320 billion total. From here, appropriators have until September 30 to draft, …

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Condition of the Labor Market

Update 367 — Condition of the Labor Market:Minimum Wage, Other Workers Due a Raise Tomorrow morning, the U.S. House will vote on the first increase in the federal minimum wage since 2009.  During that time, inflation has increased by 20 percent, an increase workers haven’t seen a penny of — in terms of wages.   Conventional economic wisdom …

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2020 Presidential Candidate Series — Sen. Booker

Update 366 — 2020 Presidential Cand. Series:Economic Agenda of Senator Cory Booker Today we have a look at the major domestic economic policy proposals that Sen. Cory Booker has introduced and is running on.  Booker may not outnumber Sen. Warren in volume, but he has innovated as well, with thoughtful approaches to deeply vexing economic and financial issues. …

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Powell Signals Pre-emptive Cut

Update 365:  Powell Signals Pre-emptive Cut Summer’s Sunny Sky Deceives or Fall Inevitable? This seems like a point of departure for the Federal Reserve Board.  It is rare for the Fed to reverse course on interest rate policy — raise and then cut rates in consecutive rate changes.  It is passing rare for the Fed to …

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What’s the Gig Idea, Anyway?

Update 364 — What’s the Gig Idea, Anyway?Labor Mobility: an Independence Day Inquiry Labor mobility, the willingness and ability of workers to move — geographically, or just from firm to firm — seems aided by technology and made more promising by workers’ increasing readiness to change jobs and on short notice, with “job” coming to mean project …

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2020 Presidential Candidate Series — Sen. Harris

Update 363 — 2020 Presidential Cand. Series:Economic Agenda of Senator Kamala Harris  The chief economic proposal offered by Sen. Kamala Harris is a progressive, redistributive tax cut providing relief to middle-class Americans. Its significant revenue cost is only partially offset in the current proposal. We’ve seen tax proposals of similar scale (Trump), beneficiaries (BIll Clinton) and …

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The Economic Debate Offstage

Update 362 — The Economic Debate Offstage:Corporate Debt and Emerging Financial Risks All eyes will be on the first Democratic debate tonight in Miami.   Starts 9:00 pm ET and ends at 11:00. Ten — half the qualifying field of candidates — will participate tonight.  The other half will do so at the same venue …

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