Jeff Snider reacts LIVE! to an article from
The Economist. The magazine offers three arguments why the US economy might overheat in 2021: evidence that the downturn is temporary; generous fiscal stimulus; and the Federal Reserve’s monetary-policy strategy.
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----------WHEN----------
00:55 Why won't a large fiscal stimulus (e.g. Biden's 9% of US GDP) save a post-2008 economy?
03:39 Why won't a large fiscal stimulus overheat a post-2008 economy?
06:46 Why aren't the positive employment gains of July-December 2020 positive?
08:13 Why isn't a pool of excess savings indicative of potential activity in a post-2008 economy?
11:38 Did the Federal Reserve learn the right lesson from the 2013 "taper tantrum"?
14:19 Why won't the Fed's new "average inflation" strategy not make save a post-2008 economy?
----------WHAT----------
The Economist, Fire without Fury: https://econ.st/3qnkWSu
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
----------WHO----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments with
Emil Kalinowski, seeing what the tide brought in. Art by
David Parkins. Podcast intro/outro is "
Chasing Visions" by
vvano at
Epidemic Sound.