Matthew C. Klein
@M_C_Klein
Founder of THE OVERSHOOT and UN/BALANCED | co-author of TRADE WARS ARE CLASS WARS | For speaking:
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New at THE OVERSHOOT:
The Fed Finally Gets It
Tariffs, Hormuz, and fiscal policy are not good reasons to hike. The underlying growth trend and the asymmetric sensitivity of private sector spending to the level of interest rates are.
Plus: margin debt!
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Is this word choice an admission that previous statements that "monetary policy is restrictive" were wrong?
Fascinating new paper tracks how monetary stimulus in China actually flows through to the real economy:
As @michaelxpettis has long argued, credit expansion tends to boost excess capacity and worsen profitability without improving nominal incomes/demand
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