central banking
Is there evidence of an ECB put in European credit markets?
There is reason to be cautious about the nascent yen rally.
“It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale.” -- John Kenneth Galbraith
The impact of Fed policy on the global financial system is yet another feature of the COVID-19 pandemic that caught investors off guard.
Recession is now a virtual inevitability.
“This is a time of testing -- a testing not only of our capacity collectively to reach coherent and intelligent policies, but to stick with them.” -- Paul Volcker
"Wall Street wisdom is that QE is immensely powerful and is stoking financial bubbles. Academics say, 'I take your $100 bills, I give you back 10 $10 bills. Who cares?'"
"The economic problem now is to control inflation and get to work on the supply side of the economy."
Almost unique among serious finance books, Edward Chancellor’s The Price of Time serves well as bedtime reading.
John H. Cochrane and Thomas S. Coleman discuss how the fiscal theory of the price level explains inflation.