Monetary Policy

El-Erian: Why Gold Is Less Of A Haven These Days

"The precious metal’s status as a haven has been eroded by the influence of unconventional monetary policy and the growth of markets for cryptocurrencies...But this is not to say that gold’s traditional role will not be re-established down the road..."

Wall Street Journal Lashes Out At "Our Political Central Bankers"

Janet Yellen didn’t run for President, but you wouldn’t know it from her policy démarche Friday at the Federal Reserve’s annual Jackson Hole retreat. The Fed Chair unleashed a defense of post-crisis financial regulation that shows how political the world’s central bankers have become.

Fed Study Confirms Phillips Curve Is Useless: Admitting The Bloody Obvious

"Our results indicate that monetary policymakers should at best be very cautious in their reliance on the Phillips curve when gauging inflationary pressures,... We find no evidence for relying on the Phillips curve during normal times, such as those currently facing the U.S. economy."

Nomi Prins: Big Bank Concentration And Counterparty Risk Expands

There has been collusion and collaboration amongst the G7 central banks... That’s why we have been able to perpetuate this system for so long... Because there is no external limitation on their policy and there’s no voting them out I’d say this could go on for at least a few more years..."

What Is The Liquidity Trap?

"...in the popular - i.e., Keynesian - way of thinking, savings is bad news for the economy: the more people save, the worse things become. (The liquidity trap comes from too much saving and the lack of spending, so it is held.)"

Key Events In The Coming Week: Payrolls, Core PCE, GDP, ISM And More

After last week's relatively quiet economic calendar and focus on Central Banks, attention this week turns back to data. In a relatively busy data week ahead - particularly for the US - focus will likely be on Friday's NFP, Q2 GDP revision on Wednesday, ISM manufacturing reports on Friday and inflation prints from the Eurozone.