I’m covering the impact of tariffs and quotas (general, antidumping, countervailing subsidy, section 232) and updated some graphs on steel employment, production, and prices. Here’s one particularly interesting one:
Author Archives: Menzie Chinn
Russian GDP Prospects Visualized (again)
Recent forecasts indicate 9.6% GDP y/y decline in 2022 (Bloomberg consensus, 3/25), or 15% (IIF, 3/10, via Reuters). S&P Global (3/22) forecasts 22% decline (q4/q4).
Recession Talk
Andrew Sorkin et al. mention “mixed signals” regarding the prospects of recession. I thought it useful to plot some indicators. First, standard term spreads and one credit spread.
Vehicle Miles Traveled and Fuel Consumption
Gasoline prices have hit a new (nominal) high. The impact on the driving and the economy depends in part on the intensity of use of gasoline and diesel.
The Times We Live In
From WaPo:
Sen. Mike Braun (R-Ind.) said Tuesday that he would be open to the Supreme Court overturning its 1967 ruling that legalized interracial marriage nationwide to allow states to independently decide the issue.
He later revised and extended his remarks.
Guest Contribution: “Surprisingly Strong Sanctions”
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. A shorter version appeared at Project Syndicate. Also available as a podcast.
Recession, Inflation – What’s the Market View?
The economy is still likely to grow, according to at least the 10yr-3mo spread. Less definitive indicator from the 10yr-2yr. Expected inflation rates have stopped moving up, and so too have implied future rates 2-3 months ahead; in fact they’ve both fallen in recent days. (For what analysis, rather than markets, think about inflation, see Jim’s Monday post; on recession, see Jim’s Wednesday post.
Wisconsin Employment and GDP: Actual and Outlook
The Wisconsin Department of Revenue released its February Economic Outlook on Monday.
Benchmarked January Employment in Wisconsin
DWD released benchmarked employment in Wisconsin yesterday. Overall employment was higher in 2021 than earlier estimated, but the slowdown in now more pronounced.
“Though wages are rising, inflation is winning the race”
That’s the title of a NPR report.