Has QE3 Started?

I read an article yesterday that claimed that the FED has already initiated QE3, without an announcement.  Today, I had time to check the data.   Here’s a chart from FRED:

There has been a recent increase in the base, but we’re only back to our previous high.   We could be seeing the initial . . . → Read More: Has QE3 Started?

Large Scale Mortgage Refinance

In his State of the Union1 speech, President Obama laid out a new program to assist homeowners by enabling mass refinancing to the current very low level of mortgage rates.  The Administration claims that tens of millions of families may benefit by this program with an average savings of around $3,000 per year.  The . . . → Read More: Large Scale Mortgage Refinance

2006 FOMC Transcript

Condensed minutes of FOMC (Federal Open Market Committee) meetings are released three weeks after each meeting.  Detailed transcripts for the meetings in a given calendar year are released five years after the end of that calendar year.  Thus, last month the detailed transcripts for the 2006 FOMC meetings were released.  These transcripts have received . . . → Read More: 2006 FOMC Transcript

First Principles, by John Taylor

I just finished John Taylor’s new book, First Principles. It’s a very good and fast read. It’s a little over 200 pages, and not a derivative in it. I don’t think there is even an explicit formula in it. Taylor writes very well, especially for an academic economist. Maybe that is from all his . . . → Read More: First Principles, by John Taylor

Jobs False Alarm

Dan already summarized the meat of last Friday’s jobs report, but I wanted to briefly comment on one fairly esoteric point.  The Friday release included an annual “benchmark revision” to the population, labor force and jobs numbers.  Each year the Bureau of Labor Statistics (BLS) updates historical data based on updates from the Census . . . → Read More: Jobs False Alarm