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Sam🔔 Profile picture
Sam🔔
@sam_a_bell
muddling through
May 24, 2021 • 7 tweets • 3 min read
when it comes to the pursuit of full employment, I would much rather have Jerome Powell as Fed Chair than Raphael Bostic axios.com/atlanta-fed-ra… in an implicit rebuke of Powell's push for full employment, Bostic gave a big speech criticizing the pursuit of high pressure economy and using the CBO's definition to argue again periods of low unemployment atlantafed.org/blogs/macroblo…
Aug 20, 2020 • 5 tweets • 3 min read
I hope Ted Kaufman (@usstk) retracts these comments. It’s both not true and there’s no way a Biden Administration could get to full employment with this type of mindset. wsj.com/articles/biden… ImageImage op-ed from earlier this year delawareonline.com/story/opinion/… Image
Jul 21, 2020 • 4 tweets • 2 min read
if Dan Tarullo had served out his term there would be no Judy Shelton opening... serve your full terms, folks Props to Lael Brainard for staying ... that should count for something in future debates about who should fill what roles
Apr 4, 2020 • 12 tweets • 5 min read
Marriner Eccles memoir (thx to @KalebNygaard) 1/x on his conversion into an activist for government intervention 2/x
Jan 16, 2020 • 11 tweets • 6 min read
Judy Shelton is ineligible to join the Board of Governors. Governors must come from separate federal reserve districts. Lael Brainard already represents the Richmond district. Some of you will remember that this is how Peter Diamond was blocked.
Jan 15, 2020 • 18 tweets • 7 min read
Jay Powell says labor market is not tight

Beige book disagrees: "Employment was steady to rising modestly in most Districts, while labor markets remained tight throughout the nation." "Wage growth was characterized as modest or moderate in most Districts—similar to the prior reporting period—and there were scattered reports of wage increases from year-end hikes in minimum wages." @ernietedeschi
Dec 16, 2019 • 40 tweets • 22 min read
10 years later thread -- December 15-16, 2009 Federal Open Market Committee
Dec 10, 2019 • 5 tweets • 2 min read
😜👏”Mr. Powell...doesn’t always come to big issues with a firm view but instead waits to hear what everyone says first. Some staffers have traced certain intellectual curiosities to economic debates he has been following on Twitter.” Powell in the 2012 transcripts federalreserve.gov/monetarypolicy…
Nov 3, 2019 • 21 tweets • 8 min read
10 years ago -- November 3-4, 2009 FOMC meeting federalreserve.gov/monetarypolicy…
Jul 2, 2019 • 37 tweets • 11 min read
This is the Judy Shelton thread [1 of many] 1st thing--

this is not a done deal

Stephen Moore and Herman Cain were supposed to be nominated ... never were

Marvin Goodfriend was nominated ... never confirmed
Jun 20, 2019 • 20 tweets • 7 min read
FOMC 10 years ago -- 6/23/2009

Brian Sack: "...expectations of monetary policy tightening this year remain limited, but the market now anticipates nearly 200 basis points of tightening over 2010." #GreenShootsTheme

"...The rise in the two-year yield was driven in part by a shift in monetary policy expectations, as the 'green shoots' theme continued to gain traction."
Mar 22, 2019 • 146 tweets • 57 min read
(a) a 'thank you' for writing the book (amazon.com/Trumponomics-I…) and the op-ed (wsj.com/articles/the-f…)
(b) an elaborate ploy to get me to waste my next 12 hours on Moore clips
(c) a real thing

I think I am going with (a) but what do I know i'm still skeptical this will materialize but looks like it may be (c) after all

Dec 18, 2018 • 47 tweets • 24 min read
Might have to do a thread on the WSJ editorial page views on monetary policy through the years April 2008 wsj.com/articles/SB120…
"As the Fed's open-market committee meets this week, what the world wants is a revival of American monetary leadership. It wants the Bernanke Fed to stop the global run on the dollar, and that means declaring an end to its rate-cutting mistake."
Sep 16, 2018 • 13 tweets • 5 min read
Should we do this? 9/16/2008 FOMC meeting federalreserve.gov/monetarypolicy…

Day after Lehman filed for bankruptcy. And day before Reserve Primary fund broke the buck. FOMC held at 2%.
Aug 5, 2018 • 12 tweets • 6 min read
10 years ago: August 5 2008

Many reserve bank presidents want hike

Bernanke: "it would be extraordinary if we were to begin raising rates without an immediate inflation problem with the economy still in a declining or extremely weakened situation." federalreserve.gov/monetarypolicy… After he emailed Don Kohn, Fed Vice Chair: "‘I find myself conciliating holders of the unreasonable opinion that we should be tightening even as the economy and financial system are in a precarious position and inflation/commodity pressures appear to be easing." (pg238 of memoir)
Mar 18, 2018 • 23 tweets • 12 min read
10 years ago today -- 3/18/2008 FOMC [Fed policymaking] meeting

comes days after Bear Stearns rescue but real news --> Fed staff thinks America is in a recession

Fed cuts from 3% to 2.25% but 2 hawks - Plosser and Fisher - dissent

transcript: federalreserve.gov/monetarypolicy…

THREAD Fed staff: we are in a recession but it will probably be a mild one -- unemployment will rise only 1.25% to 5.75%

Bernanke: I'm more pessimistic. I don't see where the recovery comes from
Jan 23, 2018 • 21 tweets • 8 min read
Jerome Powell will be confirmed as Fed Chair in 10 minutes. Let's take a walk down memory lane and remember what senators said about Yellen 4 years ago. As Victoria notes, no Fed Chair has ever gotten fewer votes for confirmation. (Thread) McConnell: "I will not be supporting Janet Yellen’s confirmation to the Fed, in large part over serious concerns I have about her commitment to the most important job of the central bank — maintaining the purchasing power of the dollar.” businessinsider.com/mitch-mcconnel…