I had some thoughts on the Fed’s actions today (below), but want to say a word first about Ed Harrison’s departure.
I have a mixed reaction to Ed Harrison’s plan to move on from RealVision.
I first encountered Ed in the very early days of Zero Hedge in 2008 and then watched his show Boom Bust on RT. I read his articles when I found them post-GFC, but got a whole new view during the dark days last March when the world was ending and I discovered RV (via an RV interview of Dan Zwirn posted on Thomson Reuters Eikon - another fellow worth listening to) and Ed’s Creditwritedowns newsletter (which was money well spent).
It has been a treat to see Ed weigh in on RVDB these past 15 months and have informed and thoughtful conversations with interesting people about interesting events, ideas and observations. Whoever Raoul brings in to fill the deep hole from Ed’s departure has a deep hole to fill.
Good luck and best wishes, Ed. I think I speak for us all when I say I’m looking forward to your next venture.
On the day’s events:
Today we got the Fed’s statements on monetary and economic policy. I found Powell’s press conference and Q&A repetitive and guarded, almost prevaricating. As noted in today’s RVDB, its clear that no one at the Fed (and probably anywhere) has a clear view of when tapering will start or if we get a full taper before the rate hikes... (More)