Filtered by Policy & Regulation

  • Begging for the taper

    Federal Reserve Chair Jay Powell wrote the script for the September FOMC meeting at last month’s Jackson Hole Conference, a matter we discussed in the note Pace over Timing.

  • Gimme three steps toward the door?

    The June FOMC meeting was one that launched a billion flatteners. The combination of Fed policymakers leaving inflation forecasts unchanged, but predicting more rate hikes in 2023 ran smack into 12 months of verbal assurances that rate hikes would be less sensitive to inflation in the coming cycle.

  • Hot inflation summer

    The cool phrase for this season is the “Hot Vax Summer” (credit to John Oliver). One side effect, as we have seen from the last two months of CPI prints, is that summer 2021 is also turning into the “Hot Inflation Summer.”

  • A closer look at Biden's potential tax increases

    The Biden administration is set to raise corporate taxes as part of the $2.25 trillion American Jobs Plan, which seeks to raise $2 trillion in tax revenue over 10 years in order to fund the new infrastructure-focused spending package.

  • Hawaiian shirts for Newfoundlands

    It is unclear whether Federal Reserve officials are meeting in person or via Zoom. After all, it seems likely that most if not all FOMC members are fully vaccinated, but perhaps they’re trying to set a conservative example.

  • Biden unveils his ambitious infrastructure plan

    After recent passage of the $1.9 trillion American Rescue Plan designed for pandemic relief, President Biden has now turned attention to his infrastructure plan.

  • Does it get better than this?

    Monthly releases of measures of economic activity in their regions from many Federal Reserve offices always get attention, but few can match the most recent report from Philadelphia Fed office that reached a level not seen in 50 years.

  • FOMC Commentary: Yes, but what about the SLR?

    Unsurprisingly, the FOMC held rates constant at the zero lower bound at their March meeting, and left other aspects of monetary policy largely unchanged despite rising long-term interest rates.

  • FOMC Commentary: Roughly balanced

    Fed Chair Jay Powell was not shy about sharing his opinions on the economic and policy outlook just two weeks ago in his microwave-side chat.

  • FOMC Commentary: A December to forget

    This is not the first FOMC note in which we have emphasized the unexciting nature of Fed policy in a post-pandemic economic recovery.

  • The sandwich meeting

    November’s FOMC meeting was going to be a non-issue from the moment it was scheduled.

  • Podcast: Federal Reserve September Policy Meeting and Update on Economic Data

    Janney's analysts discuss the global pandemic's impact on the economy.

  • FOMC Commentary: Which one of you forgot the fireworks?

    September’s FOMC meeting was clearly a dull affair. You can almost imagine the two dozen Fed officials sitting on a Zoom call, just asking one another, “So…what do you want to do?”

  • FOMC Commentary: Fed holds rates near zero

    The Federal Reserve Open Market Committee followed up three consecutive rate cuts at their July, September, and October meetings with a pause in December.

  • A melancholy victory lap

    In March, the Federal Reserve Open Market Committee cut overnight interest rates back to the zero lower bound, embarked on a massive QE program, and re-launched (and subsequently doubled down on) financial crisis-era lending programs.

  • What small business owners need to know about the Paycheck Protection Program (PPP)

    Stay-at-home orders issued to slow the spread of the COVID-19 (coronavirus) pandemic have had overwhelming effects on the job market, with 6.6 million Americans filing initial unemployment claims in the final week of March.*

  • Details of the CARES Act Stimulus Program

    In response to the coronavirus economic shock, Congress just passed and we expect President Trump to sign into law, a massive, unprecedented economic stimulus package designed to bridge the economy through this extraordinary period.

  • Massive government stimulus package to bridge the economy

    In response to the coronavirus economic shock, the Senate and White House have agreed to a massive, unprecedented economic stimulus package designed to bridge the economy through this extraordinary period. This plan will be helpful to shallow the economic damage that has already been incurred, and will likely continue to be inflicted, until the outbreak subsides. While some details could change before final approval, major provisions included in the $2 trillion package are discussed below.

  • Investment Perspectives: Economic impact of coronavirus

    Coronavirus concerns and election uncertainty caused waves in the economy and financial markets.

  • Inter-meeting interest rate cut

    The Federal Open Market Committee (FOMC) announced an emergency inter-meeting interest rate cut, the first such action since the early phases of the global financial crisis.

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