Monetary Policy

Goldman Asks "Have We Reached Peak Cash?"

The three key stakeholders in this argument, governments, businesses and consumers, all have varied benefits from shifting away from cash... although the advantages of moving away from cash are perhaps the most pronounced for governments.

Russia Unexpectedly Cuts Interest Rates For The First Time In Seven Months

The Russian Central Bank surprised markets when it unexpectedly cut interest rates by 25 bps to 9.75% (30 economists expected no change, 8 predicted a 25 bps cut), its first rate cut in four meetings or 7 months, as inflation, which has dropped from a peak of 17% to just 4.6% last month, appears to be under control.

All Eyes On Washington: US Futures Rise On Hope Healthcare Vote Will Pass

Asian shares and S&P futures rose on optimism that today's rescheduled U.S. vote on health care will pass following Trump's Ultimatum to the Freedom Caucus. European stocks gave up some of Thursday’s gains, falling for the fourth time in five days, and moving further away from a 15-month high reached a week ago while the yen weakened for the first time in nine days.

Watch Live: Janet Yellen Tells America "Growing Up Poor Makes It Harder To Succeed As An Adult"

This morning Yellen has decided to continue her trolling of the US population, and following her September 2014 speech in which she explained to the poor, that it is important to get rich, in today's speech Yellen tells her audience that “considerable evidence shows that growing up poor makes it harder to succeed as an adult." Maybe it's time to give every baby a million dollars then?

The Echo Chamber Of Elite Economists: Often Wrong, Never In Doubt

Despite what appears to be an inflection point of radical change, most of which remains unknown, the consensus opinion of professional economists and markets, in general, are well-aligned, optimistic and seemingly convinced about how the economy and markets will evolve throughout the year.  The consensus forecast based upon an assessment of economic projections from major financial institutions appears to be the result of a Ph.D. echo chamber, not rigorous independent analysis.

Key Events In The Coming Week

The key economic releases this week are the new home sales report on Thursday and the durable goods report on Friday. In addition, there are several scheduled speaking engagements by Fed officials this week, including a speech by Chair Yellen on Thursday.