The U.S. president may wish to pause his Fed tweets, and leave his economic advisors to watch the central bank instead, writes Michael Ivanovitch.
In the first two weeks of this month, the Fed has injected $35.5 billion of fresh funds, sharply reversing a carefully calibrated pattern of $114 billion in liquidity withdrawals since the beginning of the year. All that still left $1.5 trillion of excess reserves in the banking system — money banks can lend.Fed's credibility is a precious public good
Those reading a note of caution in the Fed's decision not to rush into interest rate cuts have a plausible point. U.S. labor markets remain strong, real disposable household incomes continue to grow at an annual rate of 2.4% and credit costs are at historically low levels – the three variables that drive more than 80% of the U.S. economy.
The economic problem with China is clear and simple: America's intolerably high trade deficits, China's allegedly illegal trade practices and reportedly a limited access of U.S. firms to Chinese markets.The solution is very simple: Tell China that the U.S. wants balanced trade accounts over a specific time horizon. The time frame can be negotiated, but with very little concession in view of America's half-a-trillion dollar annual deficits.
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