Cycling with Jay Powell

                                                           

If generals are always fighting the last war, Federal Reserve poobahs are consistently combating the last economic cycle.      September 21, 2021   Today's Top Stories From the Breitbart News Desk If generals are always fighting the last war, Federal Reserve poobahs are consistently combating the last economic cycle. The era of Ben Bernanke's Fed saw the central bank combating the housing bubble inflated by Alan Greenspan's monetary policy even as the country plummeted into a credit crisis. Now we have Jay Powell's Fed desperately trying not to repeat the mistakes of the Trump era, where the Fed hiked rates too many times and refused to listen to the wisdom from the White House to slow things down. That's the best explanation for why the Fed has been so slow to react to signs of higher than expected inflation and an economy that has mostly righted itself after the pandemic upheaval. A lot has changed since the Fed set about attempting to fend off a virus-induced depression—fiscal stimulus came in bigger than thought, the jobs market recovered more quickly than expected, and vaccines were produced early. But Fed officials remember nearly killing off the expansion that President Trump's policies had helped birth and are trying to avoid that mistake. The experience of a decade of undershooting its inflation target is also probably coloring the Fed's reaction. For years, critics of the Fed warned that zero interest rate policies and quantitative easing would trigger inflation. And those critics were wrong. Even the Fed, at times, seemed to worry that inflation was just around the corner. So now, even with inflation in plain view, the Fed hardly believes its own data. As best as we can tell, the Fed is still inclined to err on the side of accommodative error rather than risk tightening too soon. The soft August jobs numbers and Delta Variant-related slowdowns in leisure services will likely be enough to convince the Fed not to make any policy changes at this week's meeting. But Powell may indicate that so long as the economy continues to heal, changes will be coming at the November meeting. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Construction of Single-Family Houses Fell Again in August Homebuilders in the U.S. broke ground on new projects at a faster than expected pace in August—although construction of single-family homes slowed for the second consecutive month. Many of the housing officials in the Biden administration regard single-family housing as detrimental to the climate and racial equity. They are developing plans to make it relatively more costly to maintain single-family zoning and construction new single-family homes compared with apartments and attached homes. Homebuilders started construction at a seasonally adjusted annual rate of 1.62 million in August, a 3.9 percent increase from the previous month, the Census Bureau reported Tuesday. Economists had forecast a one percent gain from the preliminary July figure. [Click here for more]   IN OTHER STORIES... Democrat Senator: Nancy Pelosi Can Postpone Vote on 'Bipartisan' Infrastructure Bill Sen. Chris Murphy (D-CT) told reporters Tuesday that House Speaker Nancy Pelosi (D-CA) can — and maybe should — break her signed promise to House Democrats and postpone the vote on the $1.2 trillion "bipartisan" infrastructure bill next week. "The bipartisan bill does not expire. The House can pass it this month. The House can pass it next month. It will still have a very important impact on... [Click here for more]   Apple Wants Future iPhones to Read Your Face to Decide if You Are Depressed Tech giant Apple is reportedly working on new technology that aims to help diagnose depression and cognitive decline in its users through facial recognition and other sensors built into its future devices. The Wall Street Journal reports that Apple is developing new technology that would use an array of sensor data including mobility, physical activity, sleep patterns, typing behavior, facial expressions, and more to diagnose... [Click here for more]   Pew: Fewer Americans Getting News from Social Media in 2021 The number of Americans who say they rely on social media platforms for news declined in 2021, with the decline driven mainly by Facebook users, although the platform still leads the pack for American online news consumption, according to a new survey from Pew Research. The survey found that 48 percent of Americans report that they got news from social media "often" or "sometimes," down from... [Click here for more] FOLLOW   Did you receive this email from a friend? Sign up to receive Breitbart Business Digest.   ©2021 Breitbart News 149 S. Barrington Ave. #401 Los Angeles CA 90049 USA     Want to change how you receive these emails? You can *update your preferences or *unsubscribe from this list.  Subscription Information This message was sent to  Webmaster220 Bible Study Blog *the blog owner has deleted the hyperlink intentionally   Known for his network of conservative Web sites that draws millions of readers everyday, Breitbart had one main goal: to make sure the "liberally biased" major news outlets in this country cover all aspects of a story fairly. Breitbart is convinced that too many national stories are slanted by the news media in an unfair way. Here, Breitbart talks about the key issues that Americans face, how he has aligned himself with the Tea Party, and how one needs to deal with the liberal news world head on. Buy from Alibris.com Righteous Indignation: Excuse Me While I Save the World! by Andrew Breitbart  Buy from Books-A-Million.com Righteous Indignation: Excuse Me While I Save the World! by Andrew Breitbart