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An Indian-born economist once explained his personal theory of reincarnation to his graduate economics class. "If you are a good economist, a virtuous economist," he said, "you are reborn as a physicist. But if you are an evil, wicked economist, you are reborn as a sociologist." —Paul Krugman, "Peddling Prosperity: Economic Sense and Nonsense in the Age of Diminished Expectations" (1994, page xi):

Macro Notes

FED/stocks/What’s next?
Peter Boockvar

With the key FOMC meeting over, key b/c it was their last official comment before QE ends at month end, what do we now have to look forward to in terms of their exit? IF the economy continues to show signs of improvement, the next move won't be an actual policy change, it will be wording, the telegraph by Fed members in speeches topped off by the April FOMC statement that will tell us that rates won't be "exceptionally low" anymore for an "extended period." That's step 1. While the FOMC won't be raising the fed funds rate anytime soon,...

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E-Mail 'Uh-Oh: Economists Say Recovery, Market Gains Solid' To A Friend

Macro Notes