Economic Commentary
Debt and Taxes
Chief Economist Scott Brown discusses current economic conditions. The Treasury Department is expected to report that the federal budget deficit for FY19 (which ended in September) fell short of $1 trillion. That’s a lot of money, especially with an economy running full tilt. However, the government currently doesn’t have any problem borrowing. Some will worry […]
Manufacturing, the Job Market, and Recession
Chief Economist Scott Brown discusses current economic conditions. The ISM Manufacturing Index surprised to the downside, falling further into contraction in September and renewing recession fears. The Non-Manufacturing Index also came in lower than anticipated, but remained consistent with an expansion in the overall economy (but at a slower pace). The Employment Report was mixed, […]
The Economy, Trade Policy, and Other Things
Chief Economist Scott Brown discusses current economic conditions. Financial market participants have generally reacted little to economic data reports over the last several months. On a daily basis, the two key drivers have been trade policy and the Fed, and that’s expected to continue for the foreseeable future. However, tensions in Washington have escalated and […]
Giving Credit Where Credit Is Due
As expected, the Fed lowered short-term interest rates and officials remained divided about what to do next. The policy meeting came in a week that saw elevated funding pressures in money markets, which drove the effective federal funds rate above the top of the target range. On Friday, the New York Fed announced a series […]