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Stanley Druckenmiller says government needs to stop spending like ‘drunken sailors,’ cut entitlements
Billionaire investor Stanley Druckenmiller said the federal government has been spending recklessly and failed to issue debt at low rates in past years, mistakes that will ultimately lead to some tough choices in the future like cutting Social Security. “We are spending like drunken sailors,” Druckenmiller said Wednesday on CNBC’s “Squawk Box.” “Don’t forget pre-Covid ... the federal government was 20% of GDP in spending. Now it’s 25% of GDP. ... My father told me ‘if you’re in a hole, stop digging Stan.’” The legendary investor, who now runs the Duquesne Family Office, said he was ... (full story)
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Recent indicators suggest that economic activity expanded at a strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to post: The Fed held rates steady as expected The FOMC statement made minimal changes 1) It describes Q3 economic activity as “strong” 2) In light of higher Treasury yields, it adds the word “financial” to the description of “tighter credit conditions” that should weigh on growth pic.twitter.com/YtazDHQYIu post: FED REPEATS IT WILL ASSESS EXTENT OF ADDITIONAL POLICY FIRMINGFed holds rates steady, upgrades assessment of economic growth The Federal Reserve on Wednesday again held benchmark interest rates steady amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target. In a widely expected move, the Fed’s rate-setting group unanimously agreed to hold the key federal funds rate in a target range between 5.25%-5.5%, where it has been since July. This was the second consecutive meeting that the Federal Open Market Committee chose to hold, following a string of 11 rate hikes, including four in 2023. The decision included an upgrade to the committee’s general assessment of the economy. The post-meeting statement indicated that “economic activity expanded at a strong pace in the third quarter,” compared to the September statement that said the economy had expanded at a “solid pace.” The statement also noted that employment gains “have moderated since earlier in the year but remain strong.” Gross domestic product expanded at a 4.9% annualized rate in the quarter, stronger than even elevated expectations. Nonfarm payroll growth totaled 336,000 in September, well ahead of the Wall Street outlook. There were few other changes to the statement, other than a notation that both financial and credit conditions had tightened. The addition of “fin
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- Posted: Nov 1, 2023 12:35pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,519