Great piece by @chrisgiles.ft.com on the Warsh inconsistencies. The Anna Wong response he quotes still astounds me... how can you praise a Fed chair for what is basically just spin?
Chris Giles
@chrisgiles.ft.com
Economics Commentator, Financial Times; Honorary Professor of Practice, UCL Policy Lab Sign up to my central banks newsletter here https://ep.ft.com/newsletters/subscribe?newsletterIds=6501cc9ec6e3c91c18b0b9e6
I promise it’s considerably shorter
Giles Wilkes@gilesyb.bsky.social · 24h agogiftarticle.ft.com/giftarticle/... "The Fed chair likes to praise financial markets, regardless of what they say; does not offer substantive economic explanations; is not overly concerned about logic and consistency" @chrisgiles.ft.com does to Warsh what Emily Wilson did to The Odessey
giftarticle.ft.com/giftarticle/... "The Fed chair likes to praise financial markets, regardless of what they say; does not offer substantive economic explanations; is not overly concerned about logic and consistency" @chrisgiles.ft.com does to Warsh what Emily Wilson did to The Odessey
The Federal Reserve goes Wacko
Warsh’s Awful Communications: Knowingly Opaque. Also in this newsletter, the BoE shows how it’s done
giftarticle.ft.com
Whatever happened to prudence?-This year’s energy subsidies signify more than countries being unwilling to heed IMF advice. They are just the latest example in a growing international trend… www.ft.com/content/2d12... @chrisgiles.ft.com @financialtimes.com
Whatever happened to prudence?
Governments have stopped correcting budget deficits but — so far — bond markets have let them
ft.com
The Fed goes WACKO: Warsh's Awful Communication: Knowingly Opaque Coming across as obtuse is a dangerous for unelected economic institutions My newsletter: www.ft.com/content/cbc7...
The ambitions of UK governments is decreasing. Instead of "kickstarting" growth... the new government is only claiming to have "begun to kickstart" growth.
Very glad to report: Humans 1, AI 0 What a load of rubbish from our silicon Warsh www.ft.com/content/76b4...
The LLM FOMC votes to raise
Silicon Warsh is a hawk
ft.com
Since Kevin Warsh boasted about how volatility, bond yields and inflation expectations had fallen since he was sworn in... ... they have all reversed Perhaps, not such a genius
Energy prices appear to be in a wide bounded equilibrium, but it is unstable... My newsletter www.ft.com/content/c1b2...
Agree with all this excellent advice from @chrisgiles.ft.com - don’t try to cut inflation through subsidies - don’t use accounting fiddles to raise defence spending - don’t use “flexibility” in fiscal rules - do focus on whole economy, not manufacturing - don’t heap even more tax on high earners
Chris Giles@chrisgiles.ft.com · 2w agoshould avoid. Number 1 is something the new PM seems unable to grasp... www.ft.com/content/9df2...
Six foolish mistakes for the UK's chancellor to avoid - @chrisgiles.ft.com is watching and so are the bond markets as.ft.com/r/1f24e446-0...
Six foolish mistakes for the UK’s new chancellor to avoid
John Healey will be under pressure on many fronts, but bear-pits are lurking . . .
as.ft.com
Will Japan's potential massive fiscal stimulus create a Honebuto-Shokku? (which is roughly translated into English as a Liz Truss moment) My newsletter: www.ft.com/content/da40...
So...ONS must be unhappy with me. They've sent me a survey to complete... Hopefully it will "shape tomorrow"
Kevin Warsh wants the Fed to be more circumspect in communicating, believing more explicit guidance has raised complacency in markets. But Warsh's shift comes at an awkward time. FT Big Read here by @senojerialc.bsky.social @chrisgiles.ft.com @kateduguid.bsky.social www.ft.com/content/a02a...
The new Fed boss is tight-lipped. That might upset the markets
The new US central bank chief is reluctant to signal future interest rate moves — how will hedge funds react?
ft.com
Against the Devolution Theory of Everything. Good stuff by @chrisgiles.ft.com giftarticle.ft.com/giftarticle/...
Devolution has no easy answers on ‘fairness’
The consensus backing more local power sharing rarely confronts fundamental trade-offs
giftarticle.ft.com
I am too young to know all this. AND WOW~ "The third anecdote on transparency is simply the procedure the BoE adopted under King for announcing a decision. Take the November 2006 meeting as a random example. (1/3)
Chris Giles@chrisgiles.ft.com · 4w agoIf kevin Warsh wants to avoid being caught with his pants down, he should avoid the BoE's communications from the 2000s... ...and confusing correlation and causation My newsletter: www.ft.com/content/8f35...
If kevin Warsh wants to avoid being caught with his pants down, he should avoid the BoE's communications from the 2000s... ...and confusing correlation and causation My newsletter: www.ft.com/content/8f35...
Mervyn King and communications. A reminder from (contemporary) history. www.ft.com/content/f853...
The court of King Mervyn
Under Sir Mervyn King, the Bank of England has emerged as one of the world’s most powerful central banks
ft.com
My central banks newsletter this week looks at the Supreme Court's rather thinner victory for Lisa Cook against Donald Trump than expected. Footnote 8 in the ruling is importantl she might well lose round 2. www.ft.com/content/c642...
I struggle to understand the fascination with mainstream economists' (broadly accurate) Brexit forecasts... ... the leave forecasts on the other hand www.ft.com/content/f99c...
One way of measuring UK productivity shows a remarkable upturn since Labour came to office.... ... so is the UK witnessing a productivity revival? www.ft.com/content/161a...
If Kevin Warsh has to choose between his legacy and Trump's ire, he should pick the latter...There is probably a route through the middle... But the oil shock is making things difficult as this Boston Fed research shows. My newsletter www.ft.com/content/2356...
#MacroMonitor, a real-time dashboard tracking UK GDP & inflation, launches this week @ucleconomics.bsky.social 5 June speakers include Swati Dhingra, Ana Galvao, @chrisgiles.ft.com, Simon Lloyd @bankofengland.bsky.social & Ivan Petrella www.ucl.ac.uk/social-histo...
UCL Econ launches MacroMonitor, a real-time dashboard tracking UK GDP and inflation
Launching 5th June, the UCL MacroMonitor will provide reliable and timely signals for the UK economy for policymakers, business, academics, and the media
ucl.ac.uk
NEW PODCAST: The tough fiscal reality facing the UK government @helenmiller.bsky.social, @chrisgiles.ft.com & @maxwarner.bsky.social discuss the state of the public finances, why borrowing costs matter, and how much room there is to do things differently. 🎧 Listen here: ifs.org.uk/articles/tou...
If you like your economics to be reality-based, impartial and not always doom laden, listen to this @theifs.bsky.social podcast on the public finances with me @helenmiller.bsky.social and @maxwarner.bsky.social ifs.org.uk/articles/tou...
The tough fiscal reality facing the UK government | Institute for Fiscal Studies
Britain faces high debt, high borrowing costs, rising taxes and stretched public services. We explain the fiscal reality facing any government.
ifs.org.uk
Eurozone energy prices are higher than the March baseline, but not screaming "raise rates" But....that is not all My newsletter www.ft.com/content/19f0...
