Articles


  • The Phantom Of Interest-Rate Ideology Challenges Gold




    We live in a world of Goldilocks data reports. Not too hot, not too cold, not quite “just right.” From our point of view, the economy is still lagging. (The key reason is lack of wage growth, which is breeding fear and resentment among American breadwinners.) This is a week during which we will be seeing many, many reports released that will give us a fairly firm idea of how the U.S. second quarter will shape up.

    We live in a world of mixed data reports. Industrial output revived somewhat in U.S., but consumer spending was flat in April due to a higher savings rate.

    Let’s leave the U.S. aside for a moment. Europe is fair-to-middling. China is showing signs of fatigue and perhaps is in a bubble. Japan has come back as surprisingly strong.

    So, when we hear Fed officials, many of who are not voting members this year on the Federal Open Market Committee, call for “immediate rate hikes,” we wonder if they live in the same universe as the rest of us. Boston president Eric Rosengren and Fed vice chairman Stanley Fischer have said as much, although they walk back their comments as quickly as they utter them. Interestingly, Fischer let slip a scary notion – that we may be slipping into “secular stagnation.”


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  • Rabindra Kayastha

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