The Fed says that “full employment . . . means every worker looking for a job can find one” Lies, damned lies, and statistics

From The Wall Street Journal: ‘Still a Question Mark’ Around Full Employment, Fed’s Brainard Says Too soon to declare victory on labor market’s recovery from recession despite recent improvements, Fed Governor Brainard says By David Harrison | Updated May 22, 2017 9:17 p.m. ET It is too soon to declare victory on the labor market’s …

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Finding jobs for America’s ‘forgotten people’

From CNNMoney: Trump’s tall task: Finding jobs for America’s ‘forgotten people’ by Heather Long | @byHeatherLong | May 3, 2017: 11:13 AM ET President Trump has had one consistent theme from the first day he entered the race for the White House: “Jobs, jobs, jobs.” He thinks a lot of Americans urgently need work. That’s …

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This is why Donald Trump is President: the economic isolation of the Federal Reserve

From CNNMoney: Fed official: U.S. economy finally back to normal by Heather Long | @byHeatherLong | March 29, 2017: 2:42 PM ET Congratulations, America. The economy is finally back to normal.That’s what John Williams, the head of the Federal Reserve Bank of San Francisco, declared Wednesday. “The data have spoken, and the message is clear: …

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The Fed and its economic biases

We have frequently noted how poorly the Federal Reserve has done on its economic prognostications. Now, The Wall Street Journal catches up with us: The Fed Is Stuck in the Past With Its Forecasts of the Future Recent economic forecasts that have missed the mark suggest a flaw in the central bank’s approach By James …

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The #idesOfMarch : What a perfect day for the Fed to stab President Trump in the back!

As previously noted, the Fed are raising interest rates: Fed raises rates, signals more to come in 2017 by Patrick Gillespie | March 15, 2017: 2:33 PM ET The Federal Reserve raised its key interest rate by 0.25 percentage point on Wednesday. It was just the third time that the Fed has increased rates since …

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Will the Federal Reserve openly fight President Trump’s economic policies?

The United States’ gross domestic product grew by a paltry 1.6% in 2016, the worst year since 2011, and that growth rate was lower than the Federal Reserve Board’s projection of a 1.9% growth rate, made when the year was already 11½ months over. The growth rate for just the fourth quarter of 2016 was …

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Good news! President Trump wants to cut non-Defense spending! Unfortunately, unhatched chickens are being counted

From The New York Times: Trump to Ask for Sharp Increases in Military Spending, Officials Say By Glenn Thrush and Kate Kelly | February 26, 2017 WASHINGTON — President Trump will instruct federal agencies on Monday to assemble a budget for the coming fiscal year that would include sharp increases in Defense Department spending; major …

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Thud! In 2016, GDP increased only 1.6%, slowest since 2011

From The Wall Street Journal: U.S. GDP Grew 1.9% in Fourth Quarter President Trump has set a goal of generating 4% annual growth by overhauling the tax code and rolling back regulations, among other measures By Ben Leubsdorf and Eric Morath | Updated Jan. 27, 2017 8:50 a.m. ET WASHINGTON—The U.S. economy decelerated in the …

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Fed sees little need for future “stimulus” spending For once, I agree with Janet Yellen!

From The Wall Street Journal: Fed Officials See Less Need for Tax and Spending to Boost Short-Term Growth Shift in thinking comes as economy improves, jobless rate declines By Shayndi Raice | January 16, 2017 8:00 a.m. ET Federal Reserve officials increasingly say they don’t see a need for stimulative government tax and spending programs …

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Yes, deficits matter. They mattered under Bush, they matter under Obama, and they will matter under Trump

From CNNMoney: IMF: Trump stimulus set to boost U.S. growth by Jethro Mullen | January 16, 2017: 9:08 AM ET U.S. economic growth should get a lift from stimulus measures under Donald Trump’s presidency, but it won’t hit the speed he promised anytime soon. That’s according to the International Monetary Fund, which has pushed up …

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