Tag Archives: Janet Yellen
Tracking “Bubble Finance” Risks in a Single Chart
In his 712-page tour de force, The Great Deformation, David Stockman dissects America’s descent into the present era of “bubble finance.” He describes the housing bubble’s early stages as follows: The American savings deficit was transparent after the turn of … Continue reading
This “Non-traditional” Valuation Measure Carries 3 Messages about U.S. Stocks
[S]tock prices have risen pretty robustly. But I think that if you look at traditional valuation measures, the kind of things that we monitor, akin to price-equity ratios, you would not see stock prices in territory that suggests bubble-like conditions. … Continue reading
3 Leftovers from Wednesday’s FOMC Meeting
Here are a few moments from Wednesday’s FOMC press conference that stuck in our heads, all from Ben Bernanke’s comments in his last Q&A as Fed chair:
Your Guide to December’s FOMC Meeting: Breaking Down the Participants
In “Why the Fed Won’t Taper in December,” we pretended to write the first paragraph of the Federal Open Market Committee’s (FOMC) statement for next week’s meeting. By thinking about the likely mix of upgrades and downgrades to its assessment … Continue reading
Why the Fed Won’t Taper in December
Post-mortem: After this article appeared on Zero Hedge, reader Rimon commented: September taper was coming as of June meeting and the main reasons it didn’t happen were a) dramatic tightening in financial conditions (front end sell off), b) sharp slowdown in … Continue reading
P/E Multiples, Deleveraging and the Big Experiment: Sizing Up the Next Bear Market
We last wrote about stock valuation in August, when we looked at three types of P/E multiples and argued that stocks were more stretched than you would think if you only relied on the simplest measure. Since then, we’ve had … Continue reading
What an Ex-FOMC Governor Really Wants to Tell You about the Fed
Hunting season is off to a good start this week, and I’m not just talking about deer hunting. It seems that former Fed officials declared open season on their ex-colleagues. First, Andrew Huszar, who once ran the Fed’s mortgage buying … Continue reading
Yellin’ for Yellen: I Must Have Fallen Asleep and Woken Up in 2006
After reading the coverage of Janet Yellen’s Fed Chair nomination yesterday, it feels as though it’s 2006 all over again. Confidence in our central bankers seems to be approaching all-time highs, little more than five years after it collapsed alongside … Continue reading