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Inflation Expectations: A Dubious Survey

The Big Picture

I have a sneaking suspicion that inflation expectations are overly dependent on 6-foot tall numbers posted nationwide adjacent to roadways showing the price of a commodity that used to be a very significant portion of the family budget but today is a much smaller part of consumer spending. November 22, 2009). Black Friday #Fails.

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Three Things – Monetization, Sentiment and Real Wealth

Discipline Funds

My conclusion 15 years ago was that all of this was unlikely to cause high inflation because it’s the budget deficit that requires new “asset printing” and the Fed just came in after the fact and changed the composition of those assets. Covid taught us that big budget deficits can create big inflation.

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: Lazard elevates financial advisory head to CEO

MarketWatch

Orszag was director of the Office of Management and Budget in the Obama administration in 2009 and 2010, also vice chairman of Citi from 2011 to 2016. Orszag is now CEO of financial advisory at Lazard. Orszag has been CEO of Lazard’s financial advisory unit since 2019 and joined the firm in 2016. Lazard stock is up 0.5%

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Does the ISM Services Index Really Reflect the Real World?

Mish Talk

The rate of contraction was the fastest since August and among the sharpest on record (since October 2009). Struggling most of all is the financial services sector, though consumer facing service providers are also seeing a steep fall in demand as households tighten their budgets. "A

Economy 190
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Key Words: ‘It’s not over,’ former NY Fed President Bill Dudley says about the rout in Treasurys

MarketWatch

In a Bloomberg column published before Thursday’s data, Dudley, head of the New York Fed from 2009-2018, said there are many reasons to expect the 10-year yield BX:TMUBMUSD10Y to move “considerably higher” than its narrow range near 3.75%. regional banks. s “troubling” fiscal trajectory, among other things.A

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Looking for a conversation starter with your clients? Happy National Financial Awareness Day!

Nationwide Financial

Although 53% isn’t ideal, this number shows improvement from 35% in 2009. Budgeting is an important step in helping your clients manage their money, helping to ensure they are controlling their debts and have money available to invest. Sticking to a budget can help your clients save a little bit each month and build up their savings.

Clients 59
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Markets calm heading into critical earnings season

Nationwide Financial

The 6% rally over the past month is the best pre-earnings rally since 2009, driven by short covering and relief from fading bank concerns. The Congressional Budget Office estimates the Treasury will exhaust the current “extraordinary measures” between July and September.