Economic Commentary

ECONOMY AND POLICY December 03, 2021   Chief Economist Scott Brown discusses the latest market data. In his congressional testimony, Fed Chair Powell noted that “factors pushing inflation upward will linger well into next year” and “with the rapid improvement in the labor market, slack is diminishing and wages are rising at a brisk pace.” […]

ECONOMY AND POLICY December 03, 2021   Chief Economist Scott Brown discusses current economic conditions. The November Employment Report was a mixed bag. Nonfarm payrolls rose less than anticipated, but the unemployment rate fell sharply. The shortfall in payrolls (relative to expectations) likely reflects the usual noise in the monthly data, it might reflect difficulties […]

ECONOMY AND POLICY November 19, 2021   Chief Economist Scott Brown discusses current economic conditions. You can learn a lot by talking to people. The economy is “strong,” but also “terrible.” Higher inflation is “transitory,” but also “likely to persist.” Fed policy is “behind the curve,” but also “appropriately positioned.” In truth, the outlook for […]

ECONOMY AND POLICY November 19, 2021   Chief Economist Scott Brown discusses the latest market data. The economic data reports remained supportive but were largely ignored. Investors waited for President Biden’s nominee for Fed chair (Powell or Brainard) and debated when the Fed may begin to raise short-term interest rates. Retail sales rose 1.7% in […]