Economic Commentary

ECONOMY AND POLICY November 05, 2021   Chief Economist Scott Brown discusses the latest market data. As expected, the Federal Open Market Committee (FOMC) announced it would begin reducing (“tapering”) the monthly pace of asset purchases – currently $120 billion – by $15 billion per month but could go faster or slower depending on economic […]

ECONOMY AND POLICY November 05, 2021   Chief Economist Scott Brown discusses current economic conditions. As was widely expected, the Federal Open Market Committee announced the tapering of its monthly pace of asset purchases. The criteria for the lift-off in short-term interest rates is more stringent, but as Chair Powell admitted in his press conference, […]

ECONOMY AND POLICY October 29, 2021   Chief Economist Scott Brown discusses the latest market data. Earnings reports were mixed. Bond yields declined, as market participants generally expect the Fed to raise short-term interest rates earlier to get inflation under control. Real GDP rose at a 2.0% annual rate in the advance estimate for 3Q21, […]

ECONOMY AND POLICY October 29, 2021   Chief Economist Scott Brown discusses current economic conditions. As expected, the advance estimate of 3Q21 Gross Domestic Product showed a sharp slowing in growth. More timely data suggest that the economy regained some momentum into early 4Q21. Still, there are important questions regarding the labor market, inflation pressures, […]