Economic Commentary

ECONOMY AND POLICY June 12, 2020 Chief Economist Scott Brown discusses the latest market data. The Federal Open Market Committee left short-term interest rates unchanged following its June 9-10 policy meeting and kept its asset purchase plans in place. The Fed released revised projections of growth, unemployment and inflation (after it had refrained from doing […]

ECONOMY AND POLICY June 05, 2020 Chief Economist Scott Brown discusses current economic conditions. In contrast to expectations of further deterioration, the May Employment Report suggested significant improvement in labor market conditions. No doubt, the economy has turned the corner as states have re-opened. However, the report was sharply at odds with the number of […]

ECONOMY AND POLICY June 05, 2020 Chief Economist Scott Brown discusses the latest market data. Stock market participants remained optimistic about the economy, further encouraged by a surprisingly strong employment report for May. Bond yields moved above their recent range. The May Employment Report was sharply at odds with other labor market indicators. Nonfarm payrolls […]

ECONOMY AND POLICY May 29, 2020 Chief Economist Scott Brown discusses current economic conditions. With state economies opening up, activity is expected to pick up the final two months of 2Q20. Real-time indicators show improvement. However, the figures for April are consistent with a sharp contraction in 2Q20, which won’t come close to being offset […]