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While real GDP grew at an impressive, annualized rate of 2.6% in 22Q3, the details were uninspiring. Net exports were the main growth driver, adding 2.77 points to GDP, government spending also helped adding 0.42 of a point. Inventories were…

The problem facing the Fed is that monetary policy works with long and variable lags. The IMF reports that rate changes have peak impact on GDP after a year, but on inflation after 3-4 years. Other recent research pegs peak…

From 11/03 through 2/20, M2, a money stock measure including cash, checking and savings accounts, and money market funds grew 5.9%/year. Between 3/20 and 2/22, the worst of Covid-19, it grew 18.2%/year, three times as quickly, and peaked at 26.9%…

The Strategic Petroleum Reserve, established in the 1970s to protect against unexpected oil supply reductions, was filled slightly beyond capacity on 12/27/09 when it held 726.6 million barrels across all four storage sites along the Gulf of Mexico. For most…

The Friday File: In 1951, global cameras sales totaled a million. By 1980, that number had risen to 15 million, by 1990 sales topped 30 million and by the late 90s sales approached 40 million. Then digital cameras appeared and…

Great Britain, the world’s sixth biggest economy, faces continued turmoil with the resignation of Prime Minister Truss. She assumed the job 44 days ago, making her the shortest-serving British PM, breaking the record of George Canning who died after 119…

With 30-year mortgage rates steadily climbing and now at 7%, it’s unsurprising the NAHB Housing Market Index fell to 38 in October, the 10th straight monthly decline, and outside of Covid, its worst level since 8/12. First-time mortgage applications are…

While Beijing was to release its GDP data today, it’s been postponed indefinitely. Hours before that announcement, China’s top planning agency said growth had “rebounded significantly” and remained “outstanding”. A raft of other economic data was also suddenly and indefinitely…

The interest rate on the 10-Year Treasury has risen for 11 straight weeks. This is the first time this has happened since at least 1978. Until this recent streak, the longest such run had been nine weeks on just two…

The Friday File: Earlier this week, the Chemistry Nobel Prize was awarded to the trio of Carolyn Bertozzi, Morten Meldal, and K. Barry Sharpless for click chemistry and bioorthogonal chemistry, whatever they are. The key, this is Shapless’ second Nobel…