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It May Be Powell's Put, But It's Yellen's Call Now
Volcker had Reagan had backing him; but Powell has Biden who does not back him. So far Powell has more balls than Burns, but does it matter? It may not be Jerome Powell’s call if he is Burns or Volcker. He will be Powell.
The market is not strong because of potential Fed actions. The market is up because of existing Treasury actions
Post FOMC Observation topics:
* Why The Fed isn’t Easing
* Why Stocks remain resilient
* Hartnett’s Bubble
* Fiscal Dominance
* The 1970’s Fed/Treasury dynamic
* Arthur Burns Explains himself (pdf attached)
* The 1970s are Back
* Economy Bifurcated
* 1970s stagflation vs inflation now?
* Fiscal/Monetary optionality
* BTFP- More banks will go under
* JPM will buy some
* The End of Financialization
* The Rebirth of Operating Leverage
* Re-Summarizing
* The RRP Signpost
Note: If you are pressed for time, but wish to see the parallels drawn between the Burns Era ( using his own words) and now read the section Spooky Parallels
The Burns Lecture referenced:
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