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Biden Borrows the Nixon Playbook on Recessions
“The White House’s definitional wordsmithing could not overcome the onset of worsening economic realities in 1974, and its frequent appeals to the NBER determination could not run down the clock against a prolonged recession.” ~ Phillip W. Magness
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Consumer Sentiment Remained Near Record Lows in Late July
“Consumer sentiment ticked up in July but remains near record lows and consistent with prior recessions. Inflation is a driver of weakening consumer attitudes and contributing to elevated risks. The outlook is highly uncertain.” ~ Robert Hughes
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Inflation and the Fed’s Failure to Act
“Fed officials must prioritize monetary stability over political objectives such as inequality and climate policy. To simplify its operations, the Fed should consider returning to the pre-2008 corridor system of monetary policy.” ~ Thomas L. Hogan
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