First wave of global tightening has already started….
Plenty of central banks are already seeing liftoff. Brazil, Russia, Czech Republic, Hungary have hiked, Chile has signaled they will next month, and Canada has already announced tapering. G8 will clearly lag.
— The Long View 🍥 (@HayekAndKeynes) June 23, 2021
— Antonio Pérez-Algás (@apanalis) June 23, 2021
The bulls continue to come up with excuses for weak housing data. But bottom line, houses are simply too expensive, which means prices have to fall or activity slow. For now it's activity, as today's disappointing New Home Sales data illustrates. t.co/OFUTyvDxrj pic.twitter.com/pbj6kYULST
— Julian Brigden (@JulianMI2) June 23, 2021
The multiple relief packages enacted by Congress flooded the U.S. economy with cash, providing much-needed liquidity as the Covid-19 pandemic sharply reduced activity in multiple sectors including travel, hospitality, dining and entertainment. But as Neil Irwin of The New York Times notes Tuesday, most of the aid money was front-loaded, issued in a matter of weeks or months.