Outlook

Waiting on the Fed

Waiting on the Fed

One of our main contentions in recent months is that the Federal Reserve, by switching from a scarce reserve model to an abundant reserve model, has completely taken over the short term interest rates marketplace…

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The Worst Malinvestment

The Worst Malinvestment

Austrian Economics argues that growth comes from innovation and entrepreneurship, with “the market” directing resources to areas of the economy that provide the greatest returns. It also observes that when government uses interest rates, subsidies, taxes, or other...

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Continued Growth in Q1

Continued Growth in Q1

The economy continued to grow in the first quarter at what we estimate is a 2.6% annual rate. That’s a slowdown from the 3.1% rate in 2023, but still good compared to the past couple of decades when the average growth rate has been 2.0%. However, we think a chunk of...

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