If the Fed wants to protect its political independence, it should petition to amend the Federal Reserve Act.
Alton Drew
by Alton Drew
3d ago
We are moving deeper into the silly season. If there are still any primaries going on, Super Tuesday just about sucked what little oxygen there was out of the room. That President Joe Biden and former president Donald Trump would end up being the presumptive nominees for their parties was, based on the polling, expected ..read more
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Does the media focus too much on the Federal Reserve?
Alton Drew
by Alton Drew
5d ago
I swear sometimes that Bloomberg, Reuters, and Yahoo! Finance are nothing but mouthpieces for the Federal Reserve System. During my brief stint as an analyst/editor with Telecommunications Reports, a standard mode for gathering intel on regulatory agencies was to sit next to the fax machine waiting for a press release. We would then confirm the ..read more
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Fed Day: The Community Reinvestment Act misses growth creation in low-income communities.
Alton Drew
by Alton Drew
1w ago
I live in the 30310-zip code made up primarily of Atlanta’s West End neighborhood. There is a population of approximately 26,062 people with a median income of $24,604. 79.9% of the residents classify themselves as African American or black, while 12.4% of residents classify themselves as white or Caucasian. The unemployment rate hovers around 4.6 ..read more
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Good economy? Bad economy? In the end, can you make a trade?
Alton Drew
by Alton Drew
2w ago
During a discussion tonight with friends, the issue came up about whether the Biden administration has created a good economy. One participant decided to put out there for consideration the economic data points often cited by the mainstream media. The participant cited inflation, arguing that inflation has been coming down under the Biden administration, moving ..read more
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So much for a rate cut as CPI increases 3.2% year over year. Dollar apparently strengthens …
Alton Drew
by Alton Drew
2w ago
Hopes for a rate cut any time soon appear dashed as the Consumer Price Index increased 0.4% in February and 3.2% over the last 12 months. The dollar apparently strengthened on the news. Here are the new rates, as of 8:30 am today that facing the Atlanta international community. USD/JPY=147.7863 EUR/USD=1.0917 USD/MXN=16.8123 USD/INR=82.7776 Source: x-rates.com ..read more
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It is CPI Day. Hold on to your inflation horses …
Alton Drew
by Alton Drew
2w ago
It is CPI Day in America. Bloomberg Economist expects a 0.3% increase in February consumer prices. On a year-over-year basis, the consensus is 3.7%. I guess we will find out how in line the consensus is with the actual numbers in 15 minutes. Meanwhile, Atlanta’s international community is looking at the following foreign exchange rates ..read more
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Dollar weakens after Powell’s testimony to Congress. Was it something he said?
Alton Drew
by Alton Drew
3w ago
Around 6:31 am yesterday, approximately three and one-half hours prior to Federal Reserve Board chairman Jerome Powell’s testimony before the U.S. House Committee on Financial Services, the price of the U.S. dollar in terms of the euro, British pound, Japanese yen, Canadian dollar, and the Eastern Caribbean dollar was as follows: USD/EUR=0.9193 USD/GBP=0.7858 USD/JPY=149.7394 USD/CAD=1.3582 ..read more
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Trump or Biden. Who can best obscure the battle on Mount Olympus?
Alton Drew
by Alton Drew
3w ago
Last night’s Super Tuesday primary victories for former U.S. president Donald J. Trump and incumbent president Joseph R. Biden were no surprise. So boring were the returns that I was in bed by 8:30 pm. For us mortals, the electorate, the worn-out questions are, “Which of these candidates best represents me?” and “Which of these ..read more
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It appears that the foreign exchange and bond markets were ready for the PCE report.
Alton Drew
by Alton Drew
1M ago
The U.S. Bureau of Economic Analysis gave the Federal Open Market Committee another reason to sing, “Should I Stay or Should I Go?” this morning as the Bureau presented its read on changes in consumer price levels. The Personal Consumption Price Index, the preferred price level barometer of the Federal Reserve System, increased 2.8% between ..read more
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Again, foreign exchange and bond yields looked flat today and I wonder if the US really wants lower rates.
Alton Drew
by Alton Drew
1M ago
The pound-dollar and euro-dollar were flat today, 27 February 2024, with the dollar yen making the biggest move between 9:14 am and 4:15 pm. According to data I obtained from Bloomberg, the GBP/USD increased three pips, from 1.2682 to 1.2685. The EUR/USD decreased four pips, from 1.0848 to 1.0844. The USD/JPY increased 1600 pips moving ..read more
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