Economic Commentary

ECONOMY AND POLICY August 06, 2021   Chief Economist Scott Brown discusses current economic conditions. Nonfarm payrolls fell by 133,000 in July… before seasonal adjustment. Adjusted, payrolls rose by 943,000, following a 938,000 gain in June, partly reflecting a seasonal quirk in education. Ex-the artificial boost in education, payrolls advanced by 672,000 in July, following […]

ECONOMY AND POLICY July 30, 2021   Chief Economist Scott Brown discusses the latest market data. As expected, the Federal Open Market Committee (FOMC) left short-term interest rates and the monthly pace of asset purchases unchanged. In its policy statement, the FOMC noted that “the economy had made progress” toward its goals. In his press […]

ECONOMY AND POLICY July 30, 2021   Chief Economist Scott Brown discusses current economic conditions. The economy strengthened considerably in the first half of this year, much more than the headline GDP figure would suggest. The key components, consumer spending and business fixed investment, each rose at double-digit percentage rates. Higher inflation is widely expected […]

ECONOMY AND POLICY July 23, 2021   Chief Economist Scott Brown discusses the latest market data. Next week, the economic calendar is full. The Federal Open Market Committee is widely expected to leave monetary policy unchanged, and it is unlikely that Chair Powell will signal an upcoming tapering of the monthly pace of asset purchases. […]