A divorced from reality Chicago Fed bank President Charles Evans helped spur a rally in gold today with calls for aggressive monetary stimulus. Evans is in favor of QE3 and would have voted for it at the Fed’s last policy meeting. Like Fed Chairman Ben Bernanke, Mr. Evans believes that QE2 was successful. Successful at what—temporarily propping up stock prices and raising food and fuel prices? Unemployment hasn’t come down meaningfully and the economy is weaker now than it was when the Fed announced QE2 last year. Mr. Evans policy prescriptions are wrongheaded, but sadly I fear his views are shared by a majority on the FOMC.
Jeremy Jones, CFA, CFP® is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. CNBC has ranked Richard C. Young & Co., Ltd. as one of the Top 100 Financial Advisors in the nation (2019-2022) Disclosure. Jeremy is also a contributing editor of youngresearch.com.
Latest posts by Jeremy Jones, CFA (see all)
- Money Market Assets Hit Record High: $5.4 Trillion - May 26, 2023
- The Mania in AI Stocks Has Arrived - May 25, 2023
- The Wisdom of Sam Zell - May 24, 2023