The one thing you won't hear Fed Chair Jerome Powell discuss on Wednesday is the money supply, which is falling at a precipitous rate.
Happy Fed day to all who observe. Market expectations are for a quarter-point rate hike from the Federal Open Market Committee, and some weaselly language pointing to the possibility of future rate hikes but not committing to them.
Scott Grannis, the long-time chief economist at Western Asset Management who now authors the Calafia Beach Pundit blog, put together this chart showing how the M2 measure of money supply leads inflation, with a roughly one-year lag. The team at bond shop Hoisington Investment Management Co. also put a big emphasis on the money supply. “Negative money growth, increasing fiscal deficit, rising real interest rates, and central banking guidance of higher short term interest rates are creating a classic ‘credit crunch,'” they say in their second-quarter outlook.
Follow all the action in financial markets during the Fed decision and press conference with MarketWatch’s live blog. Microsoft shares MSFT slipped 3% as the software giant said it will take a long-time to benefit from its artificial-intelligence products. Microsoft earnings did beat Wall Street expectations.
Wells Fargo stock WFC rallied on announcing a new $30 billion stock buyback, and beleaguered regional lender PacWest PACW reached a deal to be sold to Banc of California BANC , with private-equity backing.Tottenham Hotspur’s 86-year-old owner has been accused of insider trading by U.S. prosecutors.
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