Steve Liesman

Don't Show Jim Bullard This Chart

St. Louis President James Bullard said that "though equity valuations are high"... "we are not in anything like what we saw with the housing bubble.” He is right: on a Price-to-Sales ratio, we are much higher...

Weekend Reading: Anticipation

“Stock market bubbles don’t appear out of thin air. They have a basis in reality. But that reality is distorted by misconception..

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Something Wicked This Way Comes

"The narrative about an improving economy, thriving jobs market, and glorious future is bullshit. I know it. You know it. And your establishment puppeteers know it. But only “fake news” sites would dare reveal these inconvenient truths."

Yellen To Wall St: It's Christmas In September So Buy, Buy, Buy!

"I’m now firmly in the camp that not only will the Fed not raise this year – they may not raise again for years. For they are not only “painted into a corner” via their own misdoings – they are chained there by Wall Street. They’ve missed the window..."

"Blunt Language" - Goldman Explains Why It Is So Confident The Fed Will Hike In Under 3 Weeks

"Nothing happens without a good reason in these speeches, especially as far as monetary policy signals are concerned. The phrasing “case…has strengthened” was blunt language for a Fed Chair, which would have been unnecessary if she was only trying to convey a general sense that rates would be moving higher over time. There are plenty of other opportunities to prepare markets for a move before the December meeting."

Why Is FaceBook Funding "Anti-Fed" Activists

That's what St. Louis Fed president James Bullard would like to know: "I think that Dustin Moskovitz should be here, maybe he can helicopter in from Sun Valley or something instead of sending all these people, if he wants low interest rates."

John Taylor Is Not Happy With Janet Yellen

During a lengthy and technical-jargon-ridden response, Fed Chair Janet Yellen attempted to defend the fact that she is holding rates around 350bps below "fair" value based on The Taylor Rule. Her argument, simple, John Taylor - the model's creator - is using the wrong rate. Fellow PhD economist Taylor was not amused and responded rapidly on Twitter...