The stock market continued to decline today, despite vigorous efforts by the authorities. That being said, perspective is required.
Here is some interesting work I’ve seen recently in Paris and Cambridge, MA.
Legislative Republicans on Thursday passed sweeping changes to the state’s open records law that would dramatically curtail the kind of information available to the public about the work that public officials do.
The headline number for nonfarm payroll employment was decent , and although there are worrisome aspects, I think the key take-away is the fact that manufacturing employment is slowing much more than overall. To the extent that manufactured goods proxies for tradables, I think caution is in order with respect to monetary tightening. And yet, I read headlines reporting that the “Fed is on track to raise rates…”[Sparshott/RTE WSJ].
Today, we are fortunate to have a guest contribution written by Laurent Ferrara (Banque de France and University Paris Ouest Nanterre La Défense) and Pierre Guérin (Bank of Canada). The views expressed here are those of the authors and do not necessarily represent those of the Banque de France or of the Bank of Canada.
University of Chicago Professor Anil Kashyap has a helpful summary of the Greek financial crisis.
There’ve been some stunning pictures recently sent back from distant parts of our solar system which I wanted to share.
Over the last three months, there has been a substantial downshift in the level of economic activity and six-month forecasted growth, according to the Philadelphia Fed.
Expect further contraction