…Outside of a Small Circle of Banks
MarketWatch had an interesting story today entitled “More than half of Americans say they didn’t get a pay raise this year.”
This is unwelcome, though not unsurprising, news, given that the US is part of the global economy where firms can seek out the lowest wage workers from the entire world. So, more than half of Americans claim they didn’t receive a pay raise.
The globalization factor that The Federal Reserve can’t control. Hence, the reliance on The Fed’s zero interest rate policies was overly optimistic and unrealistic.
So where did the monetary stimulus go? Investors in bubble assets and banks … until The Fed started unwinding.
But with The Fed unwinding its balance sheet, we are seeing a flattening of the Treasury 10Y-2Y curve and a decline in the SMART Money Flow Index.
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