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The stock market has reached "a permanently high plateau" (if the Fed does not mess up again...)

The stock market has reached "a permanently high plateau" (if the Fed does not mess up again...)

Last week I wrote a post criticizing Fed chair Janet Yellen for apparently becoming a "stock picker". Later later in the week she spoke before the US House Financial Services Committee in Washington she seemed to tone down a bit her "stock picking" comments, but she nonetheless commented on the general valuation of the US stock market.

Stock picker Janet Yellen

Stock picker Janet Yellen

If you are looking for a new stock broker look no further! This is Fed chair Janet Yellen at her testimony in the US Senate yesterday:

Never reason from a price change - version #436552

Never reason from a price change - version #436552

This is ECB's chief economist Peter Praet in an interview with Les Echos:

The un-anchoring of inflation expectations - 1970s style monetary policy, but now with deflation

The un-anchoring of inflation expectations - 1970s style monetary policy, but now with deflation

In country after country it is now becoming clear that we are heading for outright deflation. This is particularly the case in Europe - both inside and outside the euro area - where most central banks are failing to keep inflation close to their own announced inflation targets.

Hollande's Danish spectacles - Is France the next trouble spot in the euro zone?
David Beckworth says goodbye to inflation targeting

David Beckworth says goodbye to inflation targeting

David Beckworth just sent me a new paper - Inflation Targeting: A Monetary Policy Regime Whose Time Has Come and Gone - he has written on why it is time to say goodbye to inflation targeting.

When forward guidance fails: the Fisher equation and the Swedish paradox

When forward guidance fails: the Fisher equation and the Swedish paradox

On 3 July the Swedish central bank, Riksbanken, cut its key policy rate by 50bp to 0.25%. Most analysts - and the markets - were taken by surprise by this decision. It was particularly surprising as Riksbanken’s governor Stefan Ingves had been voted down by a majority of Riksbanken's board.

India's fiscal mess

India's fiscal mess

The Economic Times has a depressing story on the state of public finances in India:

Happy birthday Bob!

Happy birthday Bob!

Today is the day. July 3 2014. Robert Hetzel is turning 70 today. Happy birthday Bob! I hope you will have a great day with your wife Mary and the rest of your family.

Riksbanken moves close to the ZLB - Now it is time to give Bennett McCallum a call

Riksbanken moves close to the ZLB - Now it is time to give Bennett McCallum a call

In a very surprising move the Swedish Riksbank this morning cut its key policy rate by 50bp to 0.25%. It was about time! The Riksbank has for a very long time undershot its 2% inflation target and inflation expectations have consistently been below 2% for a long time as well.

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