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Jerome Powell is prolonging our economic agony

Can we all agree that the Federal Reserve has a plan to combat runaway inflation? They do. Chair Jerome Powell has all but admitted it. After tempering his comments before previous...
Jerome Powell is prolonging our economic agony Jerome Powell is prolonging our economic agony
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Can we all agree that the Federal Reserve has a plan to combat runaway inflation? They do. Chair Jerome Powell has all but admitted it. After tempering his comments before previous rate hikes, allowing wiggle room which gave way to market rebounds, Powell has left no bones about this one. It is necessary to wreak some havoc on the economy and put downward pressure on the labor markets and wage increases to stop the creep of inflation. Whether you buy into that logic or if you believe — like Elon Musk — that such movements could result in deflation — doesn’t matter.

All that matters is what those voting on the rate hikes believe, and there’s plenty of evidence that they won’t stop until the rate is over 4%. Wednesday’s rate increase of 75 basis points only moves us in that direction. This is the third such adjustment of 75 basis points, and we’ve been all but told that it wouldn’t be the last. While these rate hikes have been historical, they prolong the economic pain associated with them. It's time for the Fed to be brutally honest about where the economy is and where it is heading.

Federal Funds Effective Rate from 2010 through August 2022. Source: Federal Reserve Bank of St. Louis
Richard Gardner is the CEO of Modulus, which builds technology for institutions that include NASA, Nasdaq, Goldman Sachs (NYSE:GS), Merrill Lynch, JP Morgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), Barclays (LON:BARC), Siemens, Shell (LON:RDSa), Microsoft (NASDAQ:MSFT), Cornell University and the University of Chicago.

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05-10-2022 16:21:44 (UTC+7)

EUR/USD

0.9948

-0.0035 (-0.35%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

EUR/USD

0.9948

-0.0035 (-0.35%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.1420

-0.0053 (-0.46%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (1)

USD/JPY

144.34

+0.24 (+0.17%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (10)

AUD/USD

0.6488

-0.0012 (-0.18%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

USD/CAD

1.3573

+0.0062 (+0.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

EUR/JPY

143.60

-0.24 (-0.17%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (8)

EUR/CHF

0.9764

-0.0010 (-0.10%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (0)

Gold Futures

1,721.90

-8.60 (-0.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

20.727

-0.372 (-1.76%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Copper Futures

3.4785

-0.0115 (-0.33%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (5)

Crude Oil WTI Futures

86.01

-0.51 (-0.59%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (2)

Brent Oil Futures

91.33

-0.47 (-0.51%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (3)

Natural Gas Futures

6.698

-0.139 (-2.03%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (8)

Sell (2)

US Coffee C Futures

218.98

+1.25 (+0.57%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

3,459.45

-25.03 (-0.72%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (2)

S&P 500

3,790.93

+112.50 (+3.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

12,583.56

-86.92 (-0.69%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (1)

FTSE 100

7,003.20

-83.26 (-1.17%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Hang Seng

18,087.97

+1008.46 (+5.90%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

US Small Cap 2000

1,775.77

+66.90 (+3.91%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

7,574.84

-121.76 (-1.58%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (6)

BASF SE NA O.N.

41.840

-0.460 (-1.09%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Bayer AG NA

48.93

+0.28 (+0.58%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (1)

Allianz SE VNA O.N.

165.96

-1.24 (-0.74%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (6)

Adidas AG

124.15

-2.05 (-1.62%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Deutsche Lufthansa AG

5.964

-0.014 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Siemens AG Class N

105.49

-0.83 (-0.78%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

Deutsche Bank AG

8.004

-0.066 (-0.82%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

    EUR/USD 0.9948 ↑ Sell  
    GBP/USD 1.1420 Neutral  
    USD/JPY 144.34 ↑ Sell  
    AUD/USD 0.6488 Buy  
    USD/CAD 1.3573 ↑ Buy  
    EUR/JPY 143.60 ↑ Sell  
    EUR/CHF 0.9764 ↑ Buy  
    Gold 1,721.90 ↑ Sell  
    Silver 20.727 ↑ Sell  
    Copper 3.4785 Sell  
    Crude Oil WTI 86.01 Neutral  
    Brent Oil 91.33 Buy  
    Natural Gas 6.698 Neutral  
    US Coffee C 218.98 ↑ Sell  
    Euro Stoxx 50 3,459.45 Buy  
    S&P 500 3,790.93 ↑ Buy  
    DAX 12,583.56 Buy  
    FTSE 100 7,003.20 ↑ Sell  
    Hang Seng 18,087.97 ↑ Buy  
    Small Cap 2000 1,775.77 ↑ Buy  
    IBEX 35 7,574.84 ↑ Sell  
    BASF 41.840 ↑ Buy  
    Bayer 48.93 ↑ Buy  
    Allianz 165.96 ↑ Sell  
    Adidas 124.15 ↑ Sell  
    Lufthansa 5.964 ↑ Buy  
    Siemens AG 105.49 ↑ Buy  
    Deutsche Bank AG 8.004 ↑ Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,550/ 6,630
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RON 95-V22.12022.560
RON 95-III21.44021.860
E5 RON 92-II20.73021.140
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Brent $90.84 +0.38 0.42%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.710,0024.020,00
EUR23.178,6624.475,84
GBP26.582,6427.715,34
JPY161,09170,54
KRW14,5217,70
Cập nhật lúc 14:29:44 05/10/2022
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