Tag Archives: Jerome Powell

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The IRA: Powell Fed Embraces Monetary Relativity

Author: Chris Whalen, Post Date: September 23, 2020
Cumberland Advisors Robert "Bob" Eisenbeis Ph.D. In The NewsCumberland-Advisors-Robert "Bob" Eisenbeis Ph.D. In-The-News

Chris Whalen quotes Bob Eisenbeis and others for his publication, The Institutional Risk Analyst, on financial and banking issues. Read this excerpt from a September 2020 edition or the full post linked below. The idea of the FOMC deciding when average inflation targeting (AIT) has made up for periods of price deflation seems to stretch […]

Cumberland Advisors Market Commentary – FOMC and Revisions to Its Longer-Run Policy Strategy

Author: Robert Eisenbeis, Ph.D., Post Date: August 28, 2020
Market Commentary - Cumberland Advisors - FOMC and Revisions to Its Longer-Run Policy Strategy

On the day of Chairman Powell’s opening speech for this year’s virtual annual Jackson Hole Economic Policy Symposium, hosted by the Kansas City Fed, the Federal Reserve released an update to its January 2012 “Statement on Longer-Run Goals and Monetary Policy Strategy.” This commentary describes the changes in the strategy and discusses what may be […]

Barron’s – Wave Of COVID-19 Bankruptcies Poses Next Threat To US Economy

Author: , Post Date: May 14, 2020
Cumberland-Advisors-David-Kotok-In-The-News

Wave Of COVID-19 Bankruptcies Poses Next Threat To US Economy Excerpt from Barron’s (AFP News) – May 13, 2020 By John Biers Larger companies have generally survived the initial blow from the coronavirus crisis, but still face existential challenges to get through what will probably be a long and grinding recovery. Since COVID-19 shuttered much […]

Cumberland Advisors Market Commentary – Hope Is Not a Strategy

Author: Robert Eisenbeis, Ph.D., Post Date: May 7, 2019
Federal Reserve - FOMC

On Wednesday, the FOMC left its policy stance unchanged. This decision was consistent with the message sent after the previous meeting and was not contradicted by speeches given by FOMC participants in the intermeeting period. This action was also consistent with the consensus view of economists who follow the Fed. Indeed, of the 39 economists […]

The Interview: David Kotok on GSIBs, Markets & Central Banks with Chris Whalen

Author: Chris Whalen, Post Date: March 14, 2019
Market Commentary - Cumberland Advisors - The Interview David Kotok on GSIBs, Markets and Central Banks

My friend Chris Whalen was kind enough to use an interview he did with me in his weekly publication on financial and banking issues, The Institutional Risk Analyst. Chris has had a distinguished career, and it was a pleasure to interact with him again. This summer Chris and I are cohosting the June gathering at […]

Can the President Fire the Chairman of the Federal Reserve?

Author: Robert Eisenbeis, Ph.D., Post Date: January 10, 2019
Cumberland Advisors' Robert "Bob" Eisenbeis, Ph.D.

The question has arisen, does the president have the ability to fire the chairman of the Federal Reserve. The short answer appears to be no. But few understand the structure of the Federal Reserve and how, by design, that structure both compartmentalizes and is designed to insulate policy making from attempts by outsiders to influence […]

Mnuchin tweets Trump denial as Republicans warn against firing Fed chairman

Author: , Post Date: December 22, 2018
Cumberland-Advisors-David-Kotok-In-The-News

By BURGESS EVERETT, BEN WHITE and VICTORIA GUIDA 12/22/2018 03:50 PM EST – Updated 12/22/2018 08:21 PM EST Financial markets have cratered in recent days amid a partial government shutdown, rising interest rates and signs of a slowing economy. Shelby said Trump did not bring up the prospect of firing Powell at a lunch with […]

Market Backlash

Author: Robert Eisenbeis, Ph.D., Post Date: December 21, 2018
Cumberland Advisors' Robert "Bob" Eisenbeis, Ph.D.

The Treasury market had priced in a 25-basis-point increase in the FOMC’s target range for federal funds prior to the FOMC’s December 18–19 meeting. The Committee was faced with essentially three policy options: Pause, deliver on the 25-basis-point increase and signal a pause, or deliver on the 25-basis-point increase and signal the willingness to continue […]

TNB and the Regulatory Dialectic

Author: Robert Eisenbeis, Ph.D., Post Date: December 13, 2018
Cumberland Advisors' Robert "Bob" Eisenbeis, Ph.D.

Back in the 1980s Professor Edward Kane coined the term regulatory dialectic to capture the dynamics of how regulated financial institutions found innovative ways to circumvent regulations designed to restrict their behavior. For example, banks adopted the one-bank holding company form in the late 1960s to avoid the restrictions on permissible activities. They subsequently used […]