Viewpoints

State personal income growth in the first quarter of 2019 averaged somewhat lower in the first quarter of 2019 than in the fourth quarter of 2018, but the variation in growth was fairly narrow. West Virginia reported the highest rate [...]

The Federal Reserve appears to be embarking on a new policy. Policymakers appear to be dangling the prospect of more monetary accommodation in order to encourage more risk-taking and use the strength of the asset markets to help them [...]

The May job numbers from the states were comparable to the national figure, showing little change in payrolls. Washington was the only state to have a statistically significant change--an increase of 9,500. Texas, California, and [...]

As mid-year approaches, helping support from falling rates and the hints of more monetary accommodation from the Fed has driven the impressive double-digit gains in equity markets. Yet, corporate profits, the ultimate driver of [...]

Before policymakers decide to provide an insurance cut, or two, against potential destabilizing events in the financial markets, or react to any economic weakness that may be linked to trade disputes it would be prudent on their part [...]

Decisions to change official rates can no longer be made exclusively on economic growth and price considerations as the dynamics of business cycles have changed. The new business cycle consists of growth and financial leverage (debt), [...]

I keep hearing that the US economy is booming. After all, in the first quarter of this year, real GDP increased at an annual rate of 3.1% vs. Q4:2018 and 3.2% vs. Q1:2018. Given that our labor force has grown at only 0.8% compounded [...]

Policymakers are conducting a review of its monetary policy framework, with the 2% inflation target under scrutiny. I have identified seven sins (flaws or misleading claims) about the Fed's price targeting framework that they might [...]