Share to Twitter Share to Linkedin Higher for longer. That’s what numerous Federal Reserve officials have been saying about interest rates for some time. Nonetheless, many investors don’t take them at their word, and expect the central bank, sooner or later, to “pivot” and reduce short-term rates a lot, once the inflation beast is conquered. Fed Vice Chair Lael Brainard recently cautioned the public that rates would have to stay on the high side for some time to ensure that inflation indeed is on the decline. Yes, inflation is cooling, as the Consumer Price Index report for December indicates: sliding to 6.5% annually, from 7.1% the month prior. Nonetheless, 6.5% is higher than the CPI has been in four decades. There’s no rule that guarantees that, if inflation is going down, it will continue to decline. It needs some help from the Fed. “Even with the recent moderation, inflation remains high, and policy will need to be sufficiently restrictive for some … [Read more...] about Why The Fed Will Keep Rates Above 4% For A Long Time
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Here’s The Monstrous Misconception That’s Misshaping Federal Reserve Policy
Share to Twitter Share to Linkedin The Federal Reserve is raising interest rates again this week to combat inflation. Its thinking, shared by most economists, is that only by slowing the economy and putting people out of work, can inflation be curbed. This segment of What’s Ahead lays out why the Fed’s paradigm is profoundly mistaken and reveals our central bank’s disturbing misunderstanding of inflation. This way of thinking has led the Fed to believe it can gauge what the economy is capable of turning out in terms of products and services and whether its performance is sustainable or not. Based on these preposterous calculations, our central bank will try to stimulate or depress the economy. Hubris doesn’t begin to describe such misbegotten—and destructive—arrogance. … [Read more...] about Here’s The Monstrous Misconception That’s Misshaping Federal Reserve Policy
Funnycontrol | Joshimath and that sinking feeling
Bull runs have their ups and downs, too. (Photo: Isaw Company via Pexels) I love taking trips to Uttarakhand. A lot of people often look for a different kind of trip there, but it’s not the kind you can mention on Tripadvisor. Joshimath a holy town in the Chamoli district of Uttarakhand, has been in the news recently for all the wrong reasons. If Joshimath were a person, it would be Jerome Powell. Because poor old Jerome has been repeatedly telling the markets: “We are sinking and there are no lifeboats. And you’re on board the inflation Titanic.” The National Remote Sensing Centre (NRSC) of the Indian Space Research Organisation (Isro) has released satellite images of Joshimath and a preliminary report on land subsidence which shows that the entire town may sink. Luckily in India you can pray to the Gods to sink everyone else except your own community. Scientists are still studying the cracks that have appeared in the houses and roads due to land subsidence in the town. … [Read more...] about Funnycontrol | Joshimath and that sinking feeling
Insider’s guide to New York City
Grand Central Terminal, New York, United States. (Photo: David Vives via Pexels) New York City (NYC) is a collection of diverse neighbourhoods scattered among the city’s five boroughs—Manhattan, Brooklyn, the Bronx, Queens, and Staten Island. Each neighbourhood of NYC has its own distinctive lifestyle and culture. From attractions such as the Statue of Liberty , the Empire State Building and Central Park to the Metropolitan Museum of Art (MET) and the Brooklyn Bridge , the city is bursting with landmarks of historical and cultural importance. Furthermore, when it comes to eating and partying, NYC is where trends are born. As the most populous city in the United States with over 8.5 million people, the city that never sleeps can be a bit overwhelming for first-time travellers. Bookmark this itinerary to experience everything that NYC offers: Things to do The streets of NYC are never boring. No matter the season or time of day, there’s always something … [Read more...] about Insider’s guide to New York City
Daisy Rockwell: ‘None of my translations have been nominated for an award in India before’
Daisy Rockwell American translator Daisy Rockwell aka @shreedaisy on Twitter, describes herself as a “literary type” and an “escaped academic” but is best known as the English translator of Geetanjali Shree’s Ret Samadhi , the first Hindi novel to win the International Booker Prize. She translates from Hindi as well as Urdu literature, and became an international celebrity soon after she and Shree won the International Booker Prize in May 2022 for Rockwell’s translation Tomb of Sand , published by Tilted Axis Press (the UK) and Penguin India. In the past, Rockwell has translated writers such as Krishna Sobti, Upendranath Ashk, Khadija Mastur, and Bhisham Sahni. Tomb of Sand is now on the shortlist for the JCB Prize for Literature 2022 and the longlist for the Warwick Prize for Women in Translation 2022. In a brief interview over email, Rockwell answered questions about coming to terms with the adulation, her current and forthcoming projects, and the challenging task … [Read more...] about Daisy Rockwell: ‘None of my translations have been nominated for an award in India before’
Crypto Braced For A $250 Billion Bitcoin And Ethereum Price Earthquake
Share to Twitter Share to Linkedin Bitcoin BTC , ethereum and other major cryptocurrencies have rocketed higher in the first month of 2023, adding $250 billion to the combined crypto market and topping a surprise Goldman Sachs chart . Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the latest bitcoin and crypto market crash The bitcoin price surged to around $23,000 per bitcoin, up from under $17,000 at the beginning of the year. Ethereum ETH and other top ten cryptocurrencies have seen similar gains— though some smaller coins have soared even higher . Now, the $1 trillion crypto market is braced for the latest Federal Reserve interest rate decision tomorrow that's expected to see the Fed lift its funds rate to a new target range of 4.5% to 4.75%—its smallest hike since it began raising rates in March last year. It's in a brutal bear market that you need up-to-date information … [Read more...] about Crypto Braced For A $250 Billion Bitcoin And Ethereum Price Earthquake
How Musicians Are Fashioning Creativity With AI
Share to Twitter Share to Linkedin Google GOOG recently announced the creation of a new AI system, MusicLM, which is capable of generating music in any genre using a mere text description. TechCrunch reports that , fearing the risks, the company has not announced a release date. As AI (artificial intelligence) gains a larger presence in the music industry, some artists remain wary of the technology while others are embracing the opportunities that it offers to power their songwriting creativity. One company helping bridge the gap is WaveAI and its advanced lyrical AI used by millions of artists and creators. WaveAI places artists at the center of its songwriting tools, collecting no royalties or ownership of their work. By enhancing human creativity rather than replacing it, cofounder and CEO of WaveAI, Dr. Maya Ackerman, a globally recognized expert in the field of generative AI, is setting a new standard for AI-powered songwriting. "I believe … [Read more...] about How Musicians Are Fashioning Creativity With AI