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Here we are, folks. It’s the end of the week, the end of the month, and the end of the first quarter of 2023. As you well know, the big event today was the Core PCE Price Index, which is the Fed’s go-to guide in order to determine how the politburo will attempt to control the economy. Well, the results are out, and it’s a dream-come-true for the bulls. Not only did the number come in ice-cold (0.3% versus the 0.4% forecast) but the prior month’s number was revised DOWNWARD.
Until I read about him in the New York Times, I had not heard of Richard Kahlenberg before, but his ideas strike me as very intriguing. At the outset, I want to make clear he is a progressive, I repeat, progressive, academic. He’s also exceptionally well-credentialed:
(more…)Kahlenberg graduated magna cum laude from Harvard College in 1985 and cum laude from Harvard Law School in 1989. Between college and law school, he spent a year in Kenya at the University of Nairobi School of Journalism, as a Rotary Scholar.
Kahlenberg has been a Senior Fellow at The Century Foundation, a Fellow at the Center for National Policy, a visiting associate professor of constitutional law at George Washington University, and a legislative assistant to Senator Charles S. Robb (D-VA). He is serves on the advisory board of the Pell Institute and the Albert Shanker Institute.
https://en.wikipedia.org/wiki/Richard_Kahlenberg
There is no publication on the planet more doe-eyed perma-bullish than Investor’s Business Daily. This article from January 2021 takes the cake:
Thursday afternoon is special, because that’s when the data for our Fed Spread comes out. I was particularly looking forward to today’s, considering all the mayhem going on. Spoiler alert: an anti-climax awaits you.
Here’s the reverse repo, which bumped up a hair:
I’ve learned not to offer commentary on this topic, as some Slopers are reefer madness cats.
