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The Latest Breaking News from Paul Volcker

‘Other things will break.’ Legendary investor Jeremy Grantham warns of more financial chaos and wants to see Powell ‘channel a little bit of Volcker’

Jeremy Grantham predicted the financial crisis in 2008. Now, he thinks the financial system could expect more chaos after the two banks failed in March.

Fortune

Volcker slayed inflation. Bernanke saved the banks. Can Powell do both?

History remembers Paul Volcker as the slayer of inflation, and Ben Bernanke as the crisis firefighter. Jerome Powell is in danger of having to play both roles at once — or, what may be worse, to choose between them.

Tribune News Service

The bank collapses triggered by SVB have uncanny parallels to the savings and loan crisis of the 1980s

“The arithmetic behind it was timeless," George Ball of Sanders Morris Harris told Fortune.

Fortune

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Nearly 90% of fund managers expect the U.S. to remain stuck in stagflation in the wake of a banking crisis, BofA survey says

With the Fed being "boxed in" by the latest banking crisis, experts are raising concerns about “greater chances of stagflation.”

Fortune

Tech industry builds in the ruins again

Silicon Valley's platform leaps always seem to happen in times of economic turmoil.

Axios

These 124 housing markets are weathering the home price correction (so far) in 1981 fashion

Among the nation's 400 largest housing markets tracked by Zillow, 124 markets remain at their peak.

Fortune

Jimmy Carter’s strength and weakness

While it’s admirable that Carter so clearly wants to do good work in the world (and often succeeds), it is also undeniable that he has demonstrated a do-gooder naivete that does not reflect well on him.

Chicago Sun-Times

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Jimmy Carter has been wronged by history

Ronald Reagan, meanwhile, benefits from an eternal free pass

Financial Times

Alan Kohler: The undemocratic independent Reserve Bank

Politicians refer so often to the “independent” Reserve Bank that its initials should change to the IRBA, writes Alan Kohler.

The New Daily

Forget inflation, Jefferies says to watch out for a 'disinflation era' like the early 1980s

When former Fed Chair Paul Volcker hiked interest rates to quash inflation in the early 80s, a recession and disinflation followed. Jefferies sees a similar fate for the economy this year.

Fortune

How long will we use human misery to control inflation?

An interest rate increase? On the agenda? Try eight, actually happening. Dr Lowe and his RBA colleagues did get left behind.

The New Daily

Monetary curbs have long-term consequences

The Spanish-American philosopher George Santayana famously warned that "those who cannot remember the past are condemned to repeat it". But sometimes even those who can recall the past have a selective memory and draw the wrong conclusions. This is how the global policy response to the current bout of inflation…

Bangkok Post

Amid fiscal shock and awe, more austerity is the last thing we need

A collapse in credibility under the former Tory PM is being followed by a return to ‘sado-monetarism’ under the new one

The Guardian - UK

We need serious public policy, not more printed money – the US economy is in tatters

Decades of bailouts have convinced some that the Fed will always come to the rescue – but this only papers over the fundamental flaws of the US economy

The Guardian - US

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Tribune News Service

Fed seen aggressively hiking to 5%, triggering global recession

Federal Reserve officials will maintain their resolutely hawkish stance next week, laying the groundwork for interest rates reaching 5% by March 2023, moves that seem likely to lead to a U.S. and global recession, economists surveyed by Bloomberg said.

Benzinga

Buckle Up For 2023: Inflation Is Still Rampant, New PCE Data Shows

U.S. inflation, as measured by the Federal Reserve's preferred Personal Consumption Expenditures (PCE) Price Index, remains unchanged at 6.2% annually in September, according to the Bureau of Economic Analysis.

Reason

The 'Experts' Were Never Going To Fix Inflation

The idea that the Fed has the knowledge necessary to control the economy with perfectly calibrated policies was always an illusion.

Bangkok Post

Higher Interest Rates Can Take a Long Time to Bring Down Inflation

The world's central banks face a nail-biting wait.

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Benzinga

The Fed Is Skating To Where The Puck Was: Comparisons To Volcker's 1980s Inflation Are 'Conceptually Wrong,' Says This Economist

Unbeknownst to many, the gift for the 43rd anniversary of marriage is entertainment; to stretch it further, this fall marks the 43rd anniversary of a pivotal event in the history of the Federal Reserve and the U.S. economy.

WEKU

When your seatmate on the plane talks about the Fed, you know things aren't right

The woman next to me, who described herself as knowing "zero" about the economy, asked whether I thought the Federal Reserve would continue raising interest rates. I felt an acute sense of dread.

WEKU

Memories of the 1970s haunt the Fed, pushing its aggressive rate moves

The Federal Reserve is cracking down hard on inflation, in hopes of avoiding a repeat of the 1970s, when price hikes were so sustained, they got baked in to people's thinking.

Benzinga

Cathie Wood Says Powell's 'Sledgehammer' To 'Slay' Inflation Way More Powerful Than Volcker's In 1980s: 'Fed Could Undermine Its Legacy'

Cathie Wood, the founder of ARK Investment Management, has said the current U.S. monetary policy is significantly more restrictive than in the 1980s when, to kill inflation, former Federal Reserve Chair Paul Volcker had pushed the Fed funds rate up two-fold from 10% to 20%.

Tribune News Service

Commentary: The Fed’s monetary malpractice will cost you

The goal of the latest interest rate hike from the Federal Reserve? To avoid a deep recession “by acting with resolve now,” according to Fed Chairman Jerome Powell. But if history is any guide, this is a case of too little, too late.

Tribune News Service

Powell signals more pain to come with Fed sending rates higher

Federal Reserve Chair Jerome Powell vowed officials would crush inflation after they raised interest rates by 75 basis points for a third straight time and signaled even more aggressive hikes ahead than investors had expected.

The Independent UK

Powell: Higher rates won't likely cause deep US recession

The last time the Federal Reserve faced inflation as high as it is now, in the early 1980s, it jacked up interest rates to double-digit levels — and in the process caused a deep recession and sharply higher unemployment

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