Q&A #162
When will we get to a Basics Video series on FX and currency swaps? What was the main factor in long-term interest rates falling from 1981 to 2020? Are there any risks to labor statistics from the recent firing of the BLS commissioner? Why did the Fed start paying interest on reserves? When did IOER first start? Is Jay Powell “abusing” forward guidance, or is the President’s forward guidance proving “stronger’? Is there such a thing? If the government responds forcefully to a recession, will it be inflationary? What’s Jeff’s outlook for equities? Does the eurodollar system’s repo make Treasuries and bank reserves closer substitutes? What is guiding refinery throughputs and utilization levels in the context of generally declining oil inventories? Are there any useful signals in term SOFR calendar spreads? Since gold has no yield as collateral, does debt as collateral converge with gold on rates? What are the psychological effects that lowering rates might have on the economy since in practice it doesn’t seem to work?
