Beige Book, Richmond Fed, and Consumer Confidence data all support anecdotal evidence from Walmart and railroad companies that indicate significant tightness in the labor market and incoming wage increases. Mario Draghi gave a speech discussing Non-Performing Loans, which could have been subject to new rules, but were instead left to bank supervisor's discretion, to the chagrin of German Andreas Dombret.Read More
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Following up on the Philips curve conundrum, a number of sources, including Axios and the New York Times, examine dynamics affecting the labor market, including the opioid epidemic, decreased geographic mobility, and problems with worker retraining. Fed data pointed to shortages in the labor pool, while the Wall Street Journal covered companies hiring skilled teenagers to make up for labor shortages.Read More
Revisiting the dynamics of the Philips curve, a number of sources, including MIT economists and the New York Times, are examined for the effects of automation, competition, and trade on American wages.Read More
With the release of a variety of employment and labor market data, economists ponder the lack of inflation. Janet Yellen, Harvard Business Review, Lael Brainard, and Epsilon Theory try to explain the Phillips Curve conundrum.Read More
Bill Dudley gives a candid interview with the Financial Times, covering the business cycle, demographics, fiscal stimulus, the labor market, and the Phillips Curve. The ECB begins to taper, maintaining that purchases will last as long as necessary, while Jens Weidmann pushes for a specific end date.