the increasingly overt actions of the Federal Open Market Committee in the market for short-term funding.
Then as now, we view the actions of the FOMC as slowly destroying the private money markets in the US and preparing to very visibly push the big banks out of the transmission chain of monetary policy.
One reader of
The IRA asked yesterday:
“Brother maybe you can help me understand: reverse repo 351BN 5th largest ever. What is going on? Any thoughts? No rush but I haven t heard anyone talking about this. I don’t get with all the excess why banks need to be doing this. Haven’t seen it since march 2020.”
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US economy is growing quickly but flashing an inflation warning sign: Prices of goods we use every day are rising at their fastest pace in three years, with coffee up 8%, bread up 11% and gasoline up 22%
Measures of inflation - or the prices of goods and services that we all pay - are rising much more quickly than economic experts like to see
Many signs of inflation are already here - with the prices of groceries, household items, gas and electricity, for example, all surging over the last year
The average price of coffee is now up nearly 8% compared to last year, while the price of bread is up 11%, according to Bureau of Labor Statistics data
Biden says the $6 trillion spending can boost economy without negative effects
But economists, both liberal and conservative, are warning it is a gamble that could ignite inflation - the measure of costs of goods, like groceries and gas
Many argue the already surging economy is now expected to expand so fast that so much stimulus could send inflation spiraling out of control
Biden has announced three major tax and spending proposals to boost the economy, including the already passed $1.9 trillion COVID-19 aid package
He also laid out plans on Wednesday night for a $2.3 trillion American Jobs Plan and an American Families Plan worth $1.8 trillion