Monetary Policy

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FOMC Ends QE3, Tilts in More Hawkish Direction

FMI’s commentary on today’s FOMC post-meeting statement.

Japan Financial Markets Moved by U.S. Events

The ups and downs of Japanese stocks have closely mirrored those in the US since August.

Incipient LDP/SME Revolt Against First Arrow

When some powerful leaders of the Liberal Democratic Party (LDP) complain that the “First Arrow” of Abenomics (monetary ease and yen deprecation) is causing more harm than good, you know that the credibility of Abenomics has reached a turning point. And when this coincides with an indicator from the Cabinet Office that suggests the risk of an out-and-out recession following the April hike in the consumption tax, then you know that the bloom is really off the rose.

New ‘Ultimate’ Labor Indicators Offer More Noise than News

FMI’s commentary on the dueling Labor Market Conditions Indices released this week by the Federal Reserve and the Kansas City Fed.

Fed: Economy Better, Risks Falling But No Exit before Spring

FMI’s commentary on today’s FOMC meeting statement.

Fed May Alter Forward Guidance, But Data Always Drive Policy

FMI’s commentary on possible changes to the FOMC’s forward guidance at this week’s meeting.

Yellen Refines Exit Strategy, ‘Go’ Date Still Data Dependent

Yellen Refines Exit Strategy, ‘Go’ Date Still Data Dependent

Fed Hawks (Bank Presidents) Likely to Be Increasingly Vocal

FMI’s commentary on current and probable future dissents at the FOMC.

Economy Now Looks ‘Normal’; Fed Policy Is the Outlier

FMI’s commentary on the increasingly normal-looking economy and still-wildly abnormal Fed policy.

FOMC Minutes Show Fed Hawks Getting More Restive

FMI's commentary about the economic sweet spot and about the disturbing parallels between Yellen’s intended course and the disastrous, bubbly Greenspan policy.